Components Flashcards
Given word, Provide components/requirements
Defenses to K Formation
1) Misunderstanding
2) Incapacity
3) Mistake
4) Fraud/Misrep/Nondisclosure
5) Duress
6) Illegality
7) Unconscionability
Ks in SOF World
1) Marriage
2) Suretyship
3) One year
4) UCC over $500
5) Real property
K Formation
Offer, Agreement, Consideration
K Remedies
1) Expectation Damages
2) Reliance Damages
3) Restitution
Irrevocable Offer (K)
1) Option
2) Firm Offer
3) Unilateral K - Offeree has started performance
4) Detrimental Reliance
Promissory Estoppel
1) Reasonably expected to induce reliance
2) Detrimental action in reliance
3) Injustice only avoided by enforcement
Misunderstanding (K)
1) Material term open to interpretations
2) Each side attaches dif meaning
3) Neither party knows or should know of confusion
Mistake (K)
1) Mistake of present fact
2) The fact is material OR fraudulent
3) Justifiable to rely on misrepresentation
Real estate SOF satisfied
2 of the following
1) Possession
2) Payment
3) Improvements to land
K Performance Defenses
1) PER
2) Warranties
3) Conditions
4) Excuse of performance obligations
K Warranties
1) Express warranty
2) Implied warranty of merchantability
3) Implied warranty of fitness for a particular purpose
What future interest follows a fee simple determinable?
Possibility of reverter (“to A and her heirs, so long as the land is used as a park” the grantor has POR)
What future interest follows a fee simple subject to condition subsequent?
Right of entry
What future interest follows when a third party is given the future interest?
Fee Simple Subject to Executory Interest
What future interest follows a life estate?
Grantor: reversion
Third party: remainder
Property Waste
1) Affirmative
2) Voluntary
3) Ameliorative
Vested Remainder
1) To ascertained grantee
2) Not subject to condition precedent
What does the RAP apply to?
1) Contingent Remainders
2) Executory interests
3) Class gifts subject to open
Concurrent tenancies
1) Tenancy in common
2) Joint tenancy
3) Tenancy by the entirety
Unities to create joint tenancy
1) Possession
2) Interest (equal interest)
3) Time
4) Title (same instrument)
Tenancies
1) Tenancy for years
2) Periodic tenancy
3) Tenancy at will
4) Tenancy at sufferance
Constructive eviction
1) Premises were unusable for intended purposes
2) Tenant notifies landlord
3) Landlord does not correct problem
4) Tenant vacates after reasonable time
Exceptions to SOF in Real Estate
1) Part performance
2) Detrimental reliance (estoppel)
Adverse Possession
1) Continuous
2) Open and notorious
3) Hostile
4) Exclusive
Deed Contents
1) Identify parties
2) Signed by grantor
3) Words of transfer
4) Description of property
Deed Types
1) General warranty
2) Special warranty
3) Quitclaim