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    Accounting Law Question

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    Joan is 80 years old and expects to die within the next six months. She wants to make sure her favorite niece, Sally, gets her diamond ring. While visiting one day, Joan says to Sally, "I want you to have my ring when I die, so I will keep it hidden under the rug for you. After I'm gone, come on by and get it." Sally says, "I accept your gift. Thank you." Joan dies a month later. Her Last Will and Testament says that Suzie, another niece, is to get the ring. Sally and Suzie then get into an argument over who gets the ring. Sally says she is entitled to it because it was a gift from Joan. Suzie says she gets the ring because of the Last Will and Testament. Address Sally's and Suzie's claims and explain who gets the ring. Give the legal theory for your answer.

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    Solution Preview

    First, Sally and Suzie needs to establish the validity of Joan's last will and testament or the lack of it. Sally can contest the ...

    Solution Summary

    This solution answers an accounting law question.