Chapter 7:Real property by gift or purpose

Question 1

Statute of frauds

Answer 1

the contract for the sale of land must be in writing, be signed by the party being charged, and state all the material terms of the K.

Question 2

Material Terms

Answer 2

1.)parties, 2.)description, 3.)nature of transaction, 4.)Total cost, 5.)writing must be signed by the party being charged(sued)

Question 3

Exceptions to SOF

Answer 3

Part performance + Equitable estoppel

Question 4

Part performance

Answer 4

Conduct of the parties is evidence of a complete contract.

Question 5

Equitable Estoppel

Answer 5

Precludes a party from raising an argument or defense that it otherwise would be allowed to raise but for its misleading conduct, if the innocent party would suffer consequential unconscionable injury. Misleading conduct can be actual fraud or “moral fraud.”

Question 6

Market title

Answer 6

Property free from reasonable doubt, free from reasonable doubt when the seller owns what he purports to sell, there are no encumbrances, and the property is not in violation of any laws.

Question 7

Time is of the essence

Answer 7

Provision in the K that provides each party must tender performance by the specific date, and a failure to do so by one party discharges the other party.

Question 8

Risk on the buyer

Answer 8

The seller gets his money, and the b buyer gets the destroyed property. This risk is referred as equitable conversion

Question 9

Risk on the seller

Answer 9

Transaction does not go through, the buyer gets their money back, and the seller gets the damaged property.

Question 10

Mother Hubbard Clause

Answer 10

A so called mother Hubbard clause will of ( all my property to X) will satisfy the description statute

Question 11

Delivery of Deed

Answer 11

for a delivery to be valid, the donor needs to be manifest an intention to immediately pass an interest to the property