What Is a Fiduciary Duty?

A fiduciary duty is like the “golden rule,” whereas we are required to “treat others how we would like to be treated” within the scope of a professional relationship.

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What is a charitable remainder trust?

A charitable remainder trust is an irrevocable trust that allows a donor to make a gift to a trust, then receive income from the trust during the donor’s lifetime.

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Are prenuptial agreements enforceable in Michigan?

In Michigan, when a “prenuptial agreement is clear and unambiguous; changed circumstances do not render its enforcement unfair and unreasonable. Accordingly, the agreement should be enforced.”

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Is a hypothetical promise enforceable?

In contract law, an illusory promise is unenforceable due to indefiniteness, or lacking mutual obligation. For example, owner of a business forms an agreement to “pay for products if he feels like it.”

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Does a contract have to be in writing to be enforceable?

It depends. State law varies; however, generally, pursuant to the Restatement (Second) of Contracts § 110, certain contracts, subject to a statute, are not enforced unless there is a written memorandum or an applicable exception.

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What is a frivolous lawsuit?

Lawyers are required to act in good faith when they file a lawsuit, or defend one. Ridiculous claims and defenses can result in unnecessary attorneys fees, thereby wasting time and resources.

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