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A Marital Settlement Agreement, (MSA), is erroneously drafted by a layman Wife (W). The clause in question, Paragraph V, reads: “A current life insurance with IOF Foresters C, Universal Life Policy in the amount of $50,000.00 naming the parties as beneficiaries shall remain in force. Husband shall continue to pay premiums on policy. Error: The policy(s) in question only names the W as beneficiary to the husband’s (H) policy and there is no companion policy where the W names H as her beneficiary. H DIES.
Q.1: Does this MSA clause create ‘reciprocal obligations’ leading to Impossibility of performances, (H can name and Pay W as beneficiary,. But W can’t name and Pay H as her beneficiary) Q.2: Can the party that is damaged void the entire clause in question, & thus change beneficiarie
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