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Real Estate Principles > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

Rescission

A

The cancellation of a contract and restoration of the parties to
the same position they held before the contract was entered into.

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2
Q

Damages

A

The indemnity recoverable by a person who has sustained an
injury, either in his or her person, property, or relative rights, through the
act or default of another. Loss sustained or harm done to a person or
property

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3
Q

Punitive Damages

A

Damages simply for the purpose of punishment.

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4
Q

Equitable Remedies

A

Remedies for the purpose of ‘fairness and justice’

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5
Q

Specific Performance

A

An action to compel performance of an agreement,
ex: sale of land as an alternative to damages or rescission.

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6
Q

Anticipatory Repudiation

A

When a breach occurs before performance is
due as a result of one party’s unequivocal intention not to substantially
perform.

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7
Q

Statute of Frauds

A

A state law requiring certain contracts to be in writing
and signed before they will be enforceable at law.
Ex: Contracts for the sale of real property, contracts not be performed
within one year.

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8
Q

Validity

A

Having mutual assent and consideration.

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9
Q

Enforceability

A

The ability to sue for the enforcement of the contract.

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10
Q

Assignment

A

A transfer of benefits and obligations within a contract to a 3rd
party who is not originally a party to the contract.

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11
Q

Assignor

A

One who assigns or transfer property

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12
Q

Assignees

A

Those whom property or interests therein shall have been
transferred.

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13
Q

Privity

A

Mutual relationship to the same rights of property, contractual
relationship.

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14
Q

Privity of Contract

A

The relationship which exists between the persons who
are parties to a contract.

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15
Q

Privity of Estate

A

A mutual or successive right or interest in the same real
property

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16
Q

Novation

A

The substitution or exchange or a new obligation or contract for
an old one by the mutual agreement of the parties.

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17
Q

Interpleader

A

An equitable proceeding brought by a third party acting in
the capacity of a stake holder wherein there are rival claimants to the same
money and/or property requesting the court to determine such properties
disposition.

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18
Q

The legally justified cancellation and/or revocation of a contract and the return of the parties back to their original position is known as…?

A

Recission

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19
Q

There are two types of rescission, mutual and unilateral…?

A

True

20
Q

A mutual rescission usually occurs when which of the following happens…?

A

There is a mistake in the contract

21
Q

The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another is referred to as…?

A

Damages

22
Q

Damages simply for the purpose of punishment are known as…?

A

Punitive Damages

23
Q

Remedies for the purpose of ‘fairness and justice’ are referred to as…?

A

Equitable Remedies

24
Q

An action to compel performance of an agreement is known as…?

A

Specific Performance

25
Q

The sale of land as an alternative to damages or rescission is an example of…?

A

Specific Performance

26
Q

Legal remedies are also called…?

A

Damages

27
Q

When a breach occurs before performance is due as a result of one party’s unequivocal intention not to substantially perform, it is known as…?

A

Anticipatory Repudiation

28
Q

Anticipatory repudiation is also known as…?

A

Anticipatory breach

29
Q

A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as…?

A

Statute of Frauds

30
Q

Which of the following is an example of a defense for non-performance…?

A

Statute of limitation, Discharge of an obligation, Mutual mistake

31
Q

Valid contracts must have which of the following…?

A

Consideration

32
Q

The ability to sue for the enforcement of the contract is known as…?

A

Enforceability

33
Q

Which of the following contracts must be in writing…?

A

The sale of personal property valued over $500, Agreement to answer for the debt of another, Transfer of interest in real property

34
Q

Contracts that cannot be performed within 1 year of acceptance must be in-writing…?

A

True

35
Q

The statute of limitations for breach of an oral contract in California is…?

A

Two years

36
Q

The statute of limitations for breach of a written contract in California is…?

A

4 years

37
Q

The statute of limitations for adverse possession in California is…?

A

5 years

38
Q

The statute of limitations for trespassing in California is ………. years from the date the trespass is discovered?

A

3 years

39
Q

The statute of limitations for fraud in California is ……… years from the date the fraud was discovered?

A

3 years

40
Q

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as…?

A

Assignment

41
Q

One who assigns or transfers property is referred to as a/an…?

A

Assignor

42
Q

Those whom property or interests therein shall have been transferred are referred to as…?

A

Assignees

43
Q

Mutual relationship to the same rights of property or contractual relationship is known as…?

A

Privity

44
Q

The relationship which exists between the persons who are parties to a contract is known as…?

A

Privity of Contract

45
Q

A mutual or successive right or interest in the same real property is known as…?

A

Privity of Estate

46
Q

The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as…?

A

Novation

47
Q

An equitable proceeding brought by a third party acting in the capacity of a stake holder wherein there are rival claimants to the same money and/or property requesting the court to determine such properties disposition is known as…?

A

Interpleader

Real Estate Principles (14 decks)

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