USA HISTORY

SETTLING NORTH AMERICA 1497 1732

THE MIDDLE COLONIES NEW YORK DELAWARE NEW JERSEY PENNSYLVANIA

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
When husbands passed away who would take over their businesses?
A
Their children
B
Their wives
C
Their parents
D
None of the above
Explanation: 

Detailed explanation-1: -Under Hindu law, a wife gets an equal share of the assets of the deceased husband divided between other Class I heirs, the children and mother. This applies only if the man dies intestate. If there are no children and other claimants, the wife is entitled to the total property.

Detailed explanation-2: -Business partnership agreement. A properly arranged and funded agreement is a legally binding contract that spells out exactly what is to happen if one of the business’s owners dies. It generally calls for the survivors to buy the deceased owner’s share in the business from his or her heirs.

Detailed explanation-3: -Dear, Usually a husband or a wife is not responsible for the debts of the deceased spouse but there can be few exceptions like for example if your cousin sister has co-signed or co-guaranteed the debt of her husband after his death, she remains liable to pay off the debts after the death of her husband.

Detailed explanation-4: -There are two types of legal heirs such as class-I and class II. Immediate family members like his son, wife, daughter and mother can claim his property after his death under the Class-I of Hindu Succession Act. The property of an intestate male will be distributed equally among his family members.

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