Chap. 14 Flashcards
What is real property?
The land itself, as well as buildings, trees, soil, minerals, timber, plants, crops, fixtures and other things permanently affixed to the land or buildings.
What is a Statute of Frauds?
A state statute that requires certain types of contracts to be in writing.
What is a mortgage (deed of trust)?
An interest in real property given to a lender as security for the repayment of a loan.
What is a lease?
The transfer of the right to use real property for a specified period of time.
What is life estate?
An interest in real property for a person’s lifetime; upon that person’s death, the interest will be transferred to another party.
What is easement?
A right to use someone else’s land without owning or leasing it.
What is a one-year rule?
A rule that states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.
What is a guaranty contract?
A promise in which one person agrees to answer for the debts or duties of another person. It is a contract between the guarantor and the original creditor.
What is a guarantor?
A person who agrees to pay a debt if the primary debtor does not.
What is the main purpose exception (leading object exception)?
An exception to the Statute of Frauds that states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does no have to be in writing to be enforced.
What is the equal dignity rule?
A rule that says that agents’ contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.
What is the Section 2-2-1(1) of the Uniform Commercial Code (UCC)?
A section of the Uniform Commercial Code (UCC) that state that sales contracts for the sale of goods costing $500 or more must be in writing.
What is the Section 2A-201(1) of the Uniform Commercial Code (UCC)?
A section of the Uniform Commercial Code (UCC) that states that lease contracts involving payments of $1,000 or more must be in writing.
What is part performance?
An equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice.
