Questions on Final Exam Flashcards
If a grantor gives away real estate, that person then has the ______? (and for how long?)
Life Estate (until they die)
This is the basic governing document of a corportation?
Articles of Incorporation
Under the Statute of Frauds what is it called when you promise to pay the debt of another?
A guarantor
What are two types of partnerships and the difference between them?
1) Limited Partner
2) General Partner - No Control, management
The greatest interest you can own in a property is called what?
Fee Simple Absolute
An easement is used when property can’t be sold due to what?
Zoning Ordinances
What is the Statute of Frauds?
The law that say’s that all contracts need to be in writing.
The purpose of a limited partner is to do what?
Limit Liability
If an offer doesn’t specify how long it’s going to be open, what is the time allowed?
A reasonable period, based on the circumstances
What’s the only thing that the court won’t gap fill, and why?
Quantitiy, because you can’t reasonably estimate it
A promise for a promise is called what?
A Bilateral Contract
What’s the purpose of a Subchapter S Corporation?
They don’t get double taxed
What are one type of contract that due to it’s bargain for consideration is not valid?
Issusory contracts
What are two types of mistakes that void a contract?
1) Bilateral Mistake
2) Unilateral Mistake
What is the old law that determined if there was a meeting of the minds?
Subjective Meeting of the Minds
Something that’s not really a contract, and both parties don’t consent?
A quasi contract
What are the Subjective and Objective meeting of the minds based on?
1) Subjective -Thoughts
2) Objective -Actions
This type of mistake is when before making the contract both parties are mistaken as to the same assumption?
Bilateral Mistake
What are the two parties of a partnership?
1) General partners
2) Limited partners - Can’t control or manage
Under this rule the terms of acceptance must be exactly the same as the terms of the offer?
The Mirror Image Rule
If after reaching the age of majority a minor does something that binds them to the contract, what is it called?
Ratification
A contract is within the Statute of Frauds if it cannot be?
Performed within one year from the time it is made
When someone has to make sure they lessen their damages to a minimal amount what is it called?
Midigation
What is the purpose of compensatory damages?
To make the person whole
These are rules for operating a corporation?
Bylaws
Person who gets a property is called what?
Grantee
A right to use a part or section of another’s property?
An Easement
When the grantor gives away the life estate and the right to live there, (and it’s assumed that if the grantee dies they get it back) what’s their interest called?
Reversionary
What must the damages be before they can be considered consequential?
1) Unique
2) Foreseeable
A basic definition of a contract is a?
A Promise
These contracts are in people’s control and are not enforceable?
Illusory Contracts
What are two types of tenancy?
1) Joint Tenants
2) Tenants in Common
What does fee simple absolute imply?
Ownership of the whole bundle of rights
If partyX gives partyY and easment his propery is what? and what does that make partyX, and what is partyY?
Burdened, Y is dominant X is servient
What is one reason an illusory contract may be invalid?
Because it is gratuitous (beyond a stated amount)
All contracts that need to be in writing fall under what?
Statute of Frauds
A property that is burdened by an easement is called what?
Servient
Punitive damages are often awarded in contract cased? T/F?
False
What benefits and restrictions do Subchapter S Corporations have?
1) Don’t get double taxed
2) Can only have 35 people
In this type of agreement, if one tenant dies the property goes to their heirs?
Tenants in Common
You have to pay the debt of another? T/F?
False
What is a Joint Venture?
1) A limited purpose
2) Can’t be continued
3) Can’t be sued
Someone transfers a deed and retains the life estate, what is the property given called? (opposite of a reversionary)
Remainder
Where does a deed get recorded?
The registry of deeds
When can an offer be withdrawn?
Anytime
In this type of agreement, if one tenant dies the property goes to the other?
Joint Tenancy
What is a sole proprietorship?
One person
What must there be for there to be a contract?
1) An objective meeting of the minds (an agreement)
2) Bargain for Consideration
3) Two or more parties of legal age (not under the influence of drugs or alchohol, not incapacitated)
4) A legal purpose (can’t be illegal)
A promise for an act is called what?
Unilateral Contract
How many people are allowed in a Subchapter S corporation?
up to 35 People
What is an example of a quasi contract, but gives damages (based on the term “he gets what he deserves”)?
Quantum Meruit
People often sue for Nominal damages? T/F?
False
If a court determines a person to be incompetent or if they have a legal gardian what is the contract called?
Void
The Uniform Commercial Code states that sale of goods over the price of ______ or more is not enforceable unless it is _______?
$500, in Writing
What are the types of damages in contract cases?
1) Nominal
2) Punitive
3) Consequential
4) Compensatory
What two thing may seem illusory but are not, and what are they required to act under?
1) Requirements
2) Outputs
- act in “good faith”
This is when the courts create content for missing information?
Gap-Filling
Contracts in which both sides have completed their duties are executory? T/F?
False
Consequential damages are only awarded if?
The party knew about the special circumstances
The property that benefits from an easement is called what?
Dominant
What law do we use today to detemine if there is a meeting of the minds?
The Objective Meeting of the Minds
What are the type of damages that are agreed upon ahead of time? (often used in purchase and sale agreements)
Liquidated Damages
