Chapter 1- Land As Property Flashcards
Name 2 types of property
Realty - real property
Personalty - personal property
How can the owner of realty commence action in the courts for the land to be returned to him?
Real action- action in Rem
What can the owner of personlty recover in the courts?
Damages
What action can be brought in the courts for personalty?
Personal action- action in personam
Name 2 types of personalty property
Chattels real
Chattels personal
Name two types of chattels personal
Chooses in possession
Chooses in action
Define choses in possession
Items which you possess such as a car, pen etc property you can touch
Define choses in action
Property which you cannot physically touch, like copy right, shares or debts
Name 3 elements of a valid contract
Offer and acceptance
Intent
Consideration
Is subject to contact stage enforceable? Why?
No, as the contracts are merely drawn up at this stage no one has signed it to be legally binding.
What is exchange of contracts?
When the seller receives signed version of buyers contract and vice versa
Is exchange of contract stage enforceable?
Yes, should either side back down they could bring forward court action on the defaulting party.
Does the buyer have rights to the land at Exchange of Contracts stage?
No, not until completion. He merely has an interest at this stage.
What is completion?
Transferring of Property. When the buy becomes the legal owner by deed.
