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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The Land CONTRACT and the Statute of Frauds
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Must be in writing – signed by the party to be bound; must also describe the land and include a statement of consideration
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If the amount of land recited in the land contract, is more than the actual size of the parcel, what remedy does the buyer have?
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The remedy for the buyer is specific performance with a pro rata reduction in purchase price.
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[narrow] Exception to Statute of Frauds requirement = Part Performance
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If the facts show 2 of the following 3, the doctrine is satisfied and equity will decree specific performance of an oral contract for the sale of land:
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B takes physical possession of the land
B pays all or part of the purchase price, and/or B makes substantial improvements to the land. |
SOF
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