Chapter 1 - Land as property

Question 1

2 type of (overall) property

Answer 1

Real property - realty

Personal property - personalty

Question 2

Real property - realty

Answer 2

Freehold - land can be returned through the courts
Known as
Real action or action in rem

Question 3

Types (2) of personal property -personalty

Answer 3

CHATTELS
Chattels real - leasehold property
chattels personal

Question 4

Chattels real

Answer 4

leasehold property

Use to be able to only claim damages - no longer the case

Question 5

chattels personal (2 types)

Answer 5

choses in possession - tangible items

choses in action - intellectual property

Question 6

Property - meaning

Answer 6

A right which a subject has over an object

Is Transferable - Either by contract (in which the item is exchanged for money) Or by gift

Question 7

3 parts required for a valid contract

Answer 7

Agreement (offer & acceptance)
Consideration
Intention to be legal bound

Question 8

Enforceability of contract

When is the contract enforced/not enforced?

Answer 8

“subject to contract” = Unenforceable agreement

Exchange of contracts = Enforceable agreement
Followed by
Sale Completion - transferring the property
This must be made by deed under s 52 LPA 1925
Purchase price is paid.
Buyer takes possession.

Question 9

Requirements of Sale completion

Answer 9

transferring the property
This must be made by deed under s 52 LPA 1925
Purchase price is paid.
Buyer takes possession.