Question

1. Prior to death, a will is which of the following?

1. An enforceable contract only if it is in writing.
2. Not enforceable under any circumstances.
3. Possibly enforceable if it is not in writing based upon equitable remedies.

2. Hughes is a member of an LLC. Unable to pay its debts, the LLC is sued by one of its creditors. Hughes' liability for the debt is

1. the entire amount.
2. to the extent of his capital contribution to the LLC.
3. nothing

Answer 1

1. b.Not enforceable under any circumstances.

Prior to death, a will is not enforceable however only the last Will made before his death is enforceable.

2) b.to the extent of his capital contribution to the LLC.

When either an individual functions with limited liability this means that assets attributed to the associated individuals cannot be seized in an effort to repay debt obligations attributed to the company. capital that were directly invested with the company are considered assets of the company in question and can be seized in the event of insolvency.