Ass. 40 - Req of a Written Instrument

Question 1

requirements for a valid deed

Answer 1

• In writing
• Signed by grantor
• Identify the grantor and grantee
• Contain words of conveyance
• Describe the property

Question 2

3 requirements for a written instrument

Answer 2

1. the essential terms of the sales contract
2. must be contained in memorandum or other writing
3. signed by the party against whom the enforcement is sought

Question 3

Statute of frauds provides

Answer 3

the following K’s are invalid unless they, or some form or memorandum thereof, are in writing and subscribed by the party to be charged or by the party’s agent …. An agreement. . . for the sale of real property or an interest therein

Question 4

essential terms of the sales contract

Answer 4

• Identify the parties
• Include words showing an intent to buy or sell
• Specify the purchase price
• Adequately describe the property

Question 5

purchase price

Answer 5

o Most courts insist that the purchase price be specified
o Even w/o should be valid if the writing established a procedure for establishing the price

Question 6

adequately describe the property

Answer 6

o Must be specific enough to identify the land w a rsbl certainty although a formal legal description is not required

Question 7

signed by the party against whom enforcement is sought

Answer 7

• The writing need not be signed by both parties,
• Rather it must be signed by the person against whom the contract is being enforced (the party to be charged)

Question 8

Exceptions

Answer 8

• part performance
• equitable estoppel

Question 9

part performance

Answer 9

an oral contract may be enforced if the buyer
1. Takes possession
2. Pays at least part of the purchase price
3. Makes improvements to the property

Question 10

equitable estoppel

Answer 10

an oral contract may be enforced if:
1. One party acts to his detriment in rsbl reliance on another’s oral promise
2. Serious injury result if enforcement is refused

Question 11

Uniform Electronic Transactions Acts (UETA)

Answer 11

• Every state has adopted a version of this act
• An electronic document can be used to satisfy the S of F

Question 12

Electronic Signatures in Global and National Commerce Act

Answer 12

• Congress enacted the E-Sign Act in 2000
• It authorizes the use of electronic signatures in any transaction affecting interstate commerce