Property II General

Question 1

In order to enforce a real covenant need:

Answer 1

1. Statute of Frauds
2. Intent to Run with the Land
3. Privity of Estate
4. Touch and concern
5. Notice

Question 2

Title is unmarketable if:

Answer 2

“free from reasonable doubt, but not every doubt”

1. The seller does not own the title they purport to be selling,
   or
2. It is subject to any liens, easements, or other encumbrances. (unless specified?)

Question 3

Three remedies to a buyer seeking breach of a land transfer contract

Answer 3

1. Specific performance
2. Monetary damages
3. Rescission and restitution

Question 4

Monetary damages to buyer in a seller’s breach

Answer 4

1. Loss of bargain damages (contract price vs fair market value)
2. Incidental damages (out of pocket expenses)
3. Consequential damages (special, foreseeable losses from the breach of contract)

Question 5

Loss of bargain damages (seller’s breach monetary damages)

Answer 5

Difference between contract price and fair market value at the time of breach.

Question 6

To get specific performance buyer must show:

Answer 6

1. Terms of the contract were reasonably uncertain
2. They have performed or are ready to perform
3. The remedy at law is inadequate