Legal And Equitable Rights

Question 1

S1 Law of Property Act 1925

Answer 1

Only 2 legal estates
Fee simple absolute in possession
A term of years absolute

Question 2

Fee simple absolute in possession

Answer 2

Fee simple: capable of being inherited
Absolute: not conditional or determinanble
In possession: not in reversion or in remainder

Question 3

Term of years absolute

Answer 3

A term of fixed maximum duration

Question 4

Legal interests

Answer 4

Easements
Rent charges
Mortgages
Any similar charge
Rights of entry

Question 5

Equitable interests

Answer 5

Set out in s1(3) Law of Property Act 1925

Question 6

Bona fide purchaser for value without notice

Answer 6

Bona fide: in good faith
For value: equity will not assist a volunteer
Of a legal estate: the purchaser must purchase a legal estate
Without notice: constructive actual or implied

Question 7

Actual notice

Answer 7

Actual knowledge of the existence of an equitable interest

Question 8

Constructive notice

Answer 8

Knowledge which you would have had you made all the proper enquiries

Question 9

Imputed knowledge

Answer 9

This is the actual or constructive knowledge of an agent acting for the purchaser

Question 10

Common law remedies

Answer 10

Specific performance: the court will order the defaulting party to carry out a contract relating to land.
Injunction: an order from the court which stops a party from breaching a contract

Question 11

Equitable remedies

Answer 11

Recission: aims to put the parties back to where they were before making a contract
Rectification: a contract is changed to reflect the parties true intentions