Formalities and Proprietary Estoppel Flashcards
1
Q
What are the three basic transactions of property?
A
Create (ownership)
Transfer the property
Declare a trust of the property
2
Q
What is realty property?
A
Land including fixtures on it
3
Q
What is personal property?
A
Chose in possession or chose in action
4
Q
What is chose in possession?
A
Physical possession of the property
5
Q
What is chose in action?
A
Abstract; intangible stuff
6
Q
What are 4 types of chose in action?
A
Cheques
Shares
Debt
Interest under a trust
7
Q
What are the ingredients of proprietary estoppel?
A
Assurance
Reliance
Detriment
Unconscionability
8
Q
Why enforce estoppels?
A
Unconscionability
Unjust enrichment
