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Which statement describes the doctrine of non est factum as it applies to contracts?
Correct Answer: A 🗳️
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Chris reviewed the current investment portfolio of his client, Judy. Chris determined that Judy needs a higher rate of return in order to retire within five years. Judy's portfolio is concentrated in fixed income instruments.
What is Chris's next step to help Judy achieve her retirement goal?
Correct Answer: C 🗳️
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William and Sage entered into a contract for Sage to purchase a building from William in three months' time, but the building had a fire and burned down after two months. What defense would best support the termination of this contractual relationship?
Correct Answer: D 🗳️
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The following table outlines details for a life insurance policy issued in 1995:
Details
Amounts
Cash surrender value
$8,000
Premiums paid
$6,000
Dividends declared
$1,500
Net cost of pure insurance
$750
Marginal tax rate
30%
Assuming the policy is completely surrendered, what are the taxes payable?
Correct Answer: A 🗳️
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What is the tax treatment on disability assistance payments for Registered Disability Savings Plans?
Correct Answer: B 🗳️
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