Property Midterm Final Version

Question 1

What is a gift?

Answer 1

a) voluntary
b) transfer of property
c) WITHOUT ANY CONSIDERATION

Question 2

What are the three requirements for a valid gift?

Answer 2

1. Intent: the donor MUST INTEND to make a gift
2. Delivery: the donor MUST DELIVER the chattel to the donee
3. Acceptance: required by the donee TO ACCEPT the gift

Question 3

When does the intent need to happen for a valid gift?

Answer 3

• present donative intent
• a promise to give property in the future IS NOT a gift
• EXAMPLES:
  a) GOOD: i give you this ring
  b) BAD: i want you to have this ring when you get married

Question 4

What does delivery of the chattel mean for a valid gift?

Answer 4

• chattel placed completely outside of donor’s control + entirely within donee’s control

Question 5

What is constructive delivery?

Answer 5

• when actual manual delivery is impracticable
• donor surrenders the means of obtaining possession and control
• EXAMPLES:
  a) keys
  b) safety deposit box

Question 6

What is Symbolic delivery?

Answer 6

• actual manual delivery is impracticable
• donor hands over some object symbolic of the thing given
• EXAMPLES:
  a) 500 shares of company stock

Question 7

Key Difference between constructive & symbolic delivery?

Answer 7

• CONSTRUCTIVE: access or control (key to a locked box)
• SYMBOLIC: a representation (letting stating ownership)

Question 8

What is acceptance in a gift?

Answer 8

• acceptance by the donee is required
• donee can reject the gift
• law presumes acceptance when the gift is beneficial to the donee

Question 9

When is refusal to a gift possible?

Answer 9

• testementary gifts
• when they are disclaimed = known as disclaimed

testementary gifts: gifts given in wills, usually when someone dies

Question 10

The rule of “Irrevocability of Gifts”?

Answer 10

• no gift is made when the donor RETAINS THE RIGHT TO REVOKE the gift

Question 11

Exceptions to the rule of “Irrevocability of Gifts”?

Answer 11

1. Gift Causa Mortis: gift made in contemplation of immediately approaching death (VERY STRICT)
2. Conditional Gifts: gift that returns to the donor if a condition subsequent is not fulfilled

Question 12

What must a valid will have? (elements)

Answer 12

1. writing
2. signed by the testator (person giving)
3. attested by two witnesses

Question 13

What functions do wills serve? (PECC = think like peck)

Answer 13

1. Evidentiary Function
2. Cautionary Function
3. Channeling Function
4. Protective Function

Question 14

Codicil?

Answer 14

writing that adds or removes or changes one or more provisions of a previously valid will

Question 15

Holographic Will?

Answer 15

A handwritten will prepared and executed by the testator without formalities such as the presence and signatures of witnesses.

Question 16

What is Intestacy? and it’s two types?

Answer 16

• distribution of estates of a decedent who die without a will
  1. TOTAL intestacy: dying without a will
  2. PARTIAL intestacy: dying with a will that fails to dispose of all of one’s property

Question 17

NY Estates, Powers & Trust Laws, who gets what?

Answer 17

• spouse gets $50,000 + half of estate
• rest is allocated to children
• no spouse?
  a) estate goes to who the survivors to the decedent are
• half blood? = treated as full blood
• adopted? = treated as regular children

Question 18

What does the statute of frauds expect from a deed?

Answer 18

1. writing in the form of a deed
2. grantor must sign this writing

Question 19

What happens when someone forges a deed?

Answer 19

• NO GOOD

Question 20

Parol evidence rule’s relationship to deeds? (admission of extrinsic evidence)

Answer 20

• deed’s description of property is GOOD ENOUGH
• extrinsic evidence ONLY ALLOWED to clear up AMBIGUITY (measurements and boundaries)

Question 21

Valid delivery in deeds to land?

Answer 21

1. words or conducts of the grantor
2. shows INTENT to make the deed OPERATIVE
3. to pass an INTEREST IMMEDIATELY to the grantee

Question 22

When is delivery presumed in deeds?

Answer 22

• deed is handed to the grantee
• deed is acknowledged by the grantor before a notary
• deed is recorded

Question 23

What happens if the grantor wants the title back to a valid deed given to a grantee?

Answer 23

• grantee must draw up a need deed and deliver it to grantor
• title passes upon delivery, cannot be canceled or taken back once delivered

Question 24

Conditional delivery to grantee in a deed? (IF DEED IS IN WRITING)

Answer 24

• if deed contains a provision that is to take effect only upon the happening of a condition precedent, interpret in two ways:
  1. provision may mean there is no delivery and the deed is not effective at all until the condition happens
  2. provision may mean that the grantor intends the deed to be legally effective now, but passing only an interest that is subject to a condition precedent

Question 25

Conditional delivery to grantee in a deed? (IF DEED IR ORAL)

Answer 25

- NOT VALID, statute of frauds violated

Question 26

Effect of grantor's reserving power to revoke a deed?

Answer 26

- if revocation power exists to grantor at time of execution, the deed is INVALID

Question 27

What is a recission?

Answer 27

equitable remedy that voids a contract and restores the parties to their original positions as if the contrat had never been made

Question 28

When do recissions occur?

Answer 28

- mutual mistake - fraud or misrepresentation - failure of consideration - duress or undue influence - impossibility of performance - breach of contract

Question 29

Three types of deeds?

Answer 29

1. general warranty deed: warrants title against defects arising before as well as during the time the grantor had title 2. special warranty deed: contains the usual covenants, however, the warranties 3. quitclaim deed

Question 30

What are the covenants of title in warranty deeds? (elements of a good title)

Answer 30

1. covenant of seisin 2. covenant of ritght to convey 3. covenant against encumberances 4. covenant of quiet enjoyment 5. covenant of warranty 6. covenant of further assurances