5. Real Estate Contracts Flashcards
What is the Rule for Statute of Frauds for Part Performance in a land-sale contract in Georgia?
In Georgia, part performance can be shown by full payment, partial payment with possession, or possession with valuable improvements.
What is the Rule for an Implied Warranty of Quality in a land-sale contract in Georgia?
Georgia doesn’t imply warranties for new homes by builders, but vendors must disclose non-apparent defects known to the builder.
When is a liquidated damages clause enforceable in a Land-Sale Contract in Georgia?
Under Georgia law, a liquidated damages clause is enforceable if:
1. it’s difficult to estimate the injury at contract time;
2. the amount reasonably predicts the harm; and
3. both parties intended it as damages, not a penalty.
What does a land purchaser inherit in land-sale contract in Georgia?
A land purchaser inherits all rights and covenants of warranty, quiet enjoyment, and freedom from encumbrances from previous owners, unless expressly prohibited in the covenant.
How are damages measured in a breach of warranty in a land-sale contract in Georgia?
In action for a breach of warranty, damages are measured by the purchase price.
How are damages measured when the transfer was a deed or gift in a land-sale contract in Georgia?
If the transfer was a deed or gift, the damages are equal to the value of the land at the time of the gift.
