The owner grants a property to Alice for her lifetime, and upon her death, to Bob and Carol in equal shares, provided that Bob graduates from law school before Alice's death. If Bob has already graduated from law school, what type of remainder interests do Bob and Carol hold?
Both Bob and Carol have contingent remainders.
Bob has a vested remainder and Carol has a vested remainder.
Bob has a vested remainder and Carol has a contingent remainder.
Bob has a contingent remainder and Carol has a vested remainder.
Bob has a vested remainder because the condition (graduating from law school) has been satisfied, making his interest certain. Carol holds a vested remainder as well because her interest is not contingent upon any condition and is fixed upon Alice's death.
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