Themis Essay 5509 Flashcards
A party to a contract who fails to perform an obligation is
liable for breach of the contract.
Promises contained in a contract for the sale of real property are
merged with the deed, and are unenforceable after the conveyance of the property interest.
A ______________ is the parties’ final agreement as to the real property being conveyed.
deed
Virginia narrowly interprets the doctrine of merger, limiting it to
obligations in a real estate contract that relate to title or are addressed in the deed.
A _______________ _______________________ is not a deed, but merely reflects the parties’ prior agreement by assigning dollar values to the terms in the contract.
closing statement
A ________________ _____________________ is not a deed, but is a document of lesser importance than either a deed or contract.
closing statement
_______________________ is the modification of a document that has legal effect by a court upon a party’s petition.
Reformation
Reformation of a writing for mistake is available if:
(i) there was a prior agreement between the parties;
(ii) there was an agreement by the parties to put that prior agreement into writing; and
(iii) as a result of a mistake, there is a difference between the prior agreement and the writing.
A party’s failure to notice a mistake will not
preclude reformation of the instrument.
To transfer ownership of real property, a grantor must at the time of transfer, intend to
make a present transfer of a property interest to the grantee.
A grantor’s present intent to transfer real property is manifested by
delivery of the deed.
Delivery of a deed may be completed by either:
(i) physically handing; or
(ii) mailing it to the grantee or his agent.
There is no requirement that a deed must be _________________ for ownership of the property to pass to the grantee.
recorded
