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37 Cards in this Set
- Front
- Back
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Life Estate |
limited to the duration of a life or lives, no specific words/language needed for creation |
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Remainder |
future interest in someone other than the grantor that is capable of becoming possessory upon the expiration of a prior estate of lesser duration created at the same time and in the same instrument |
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Executory Interest |
future interest that becomes possessory only upon the happening of an occurrence that defeats or divests the interests of another
shifting = divests transferee springing = divests the grantor |
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Fee Simple Determinable + Possibility of Reverter |
FSD has the potential to last forever (like a fee simple) but is subject to a limitation that causes the grantee's estate to end and revert back to the grantor upon the happening of a stated event/condition. Always accompanied by a possibility of reverter.
POR is transferable, inheritable, and releasable. No action required by holder of POR for interest to vest once the FSD ends. |
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Joint Tenancy |
four unities: time, title, interest, possession
distinguishing characteristic is right of survivorship |
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Tenancy in Common |
only unity of possession, no right of survivorship
presumption favors this unless clear and convincing evidence of contrary intent |
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Tenancy by the Entirety |
can exist only between spouses; presumption favors this unless the deed expressly states otherwise
severable by divorce
owner of judgment against an individual spouse holds the lien subject to its possible extinction by survivorship of the non-debtor spouse or alienation of the property by the spouses |
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Equitable Conversion |
buyer assumes the risk after sale for contract of land has been completed (unless expressly agreed otherwise)
seller gets the full contract price but is not allowed to keep any insurance proceeds because that would constitute unjust enrichment |
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Easement Appurtenant |
interest in land owned by another person for a specific limited purpose
requires two parcels: dominant tenement and servient tenement
can be created expressly or impliedly |
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Extinguishment by Merger + Revival |
takes place when there is a union of title and possession in the dominant and servient tenements by the same owner
not automatically revived; must show valid purpose and real necessity for reviving the easement after separation of title following extinguishment by merger |
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PA Race-Notice Recording Statute |
first BFP to record wins
must be (1) BFP for value; (2) on notice; and (3) record first |
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Equitable Servitude |
(1) touch and concern; (2) intent of creator); (3) notice to adversely affected party; (4) (writing to satisfy Statute of Frauds) |
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Implied Warranty of Habitability |
implied in residential leases in PA and not waivable
options after breach: (1) surrender of premises and termination of obligation to pay rent; (2) full or partial rent abatement if maintaining possession of premises; (3) repair and deduct; OR (4) other traditional contract remedies, including possibly specific performance |
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Fixtures |
chattels so affixed to the real estate that their removal would damage either the real estate or the chattels
if parties do not contract otherwise, strong presumption that trade fixtures remain property of tenant |
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Deed Delivery |
actual delivery is not required in order for deed to become effective; grantor's intent controls |
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Types of Deeds |
quitclaim contains no warranties of any kind
special warranty deed = grantor agrees to defend grantee against an adverse claimant with a superior interest in the land claiming under or through the grantor
mere possibility of future litigation does not render title unmarketable, but things like existing encumbrances or zoning violations do |
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Adverse Possession |
continuous, open, actual, hostile, notorious, exclusive, visible, distinct
claimant bears burden of proof
statutory period in PA is 21 years -- tacking is allowed |
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"Mirror Image" Rule |
acceptance must exactly match the terms of the offer
UCC does not use this -- instead, additional terms are incorporated into the contract so long as: (1) not expressly conditional acceptance; (2) not material alterations; (3) not objected to within reasonable time (10 days) |
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Consideration |
legal value + bargained-for exchange
preexisting duty does not suffice |
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Implied-in-fact Contract |
parties' assent or intent to contract may be inferred wholly from their conduct
PA law generally imposes a duty to pay for valuable services rendered with the knowledge and approval of the recipient |
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Option Contract |
requires consideration, no matter how nominal, or else remains revocable at any time
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Mailbox Rule |
acceptance is effective when mailed |
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Statute of Frauds: Partial Performance Exception |
sales of real property generally must be in writing to satisfy the Statute of Frauds, but exception exists if: (1) possession of property at or immediately after reaching agreement; (2) change of possession was notorious and has been exclusive and continuous; (3) improvements to property |
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Mutual Mistake
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party may rescind contract if: (1) mistake relates to the basis of the bargain or was a basic assumption on which the contract was made; (2) mistake has a material effect on the agreed-upon performance; (3) party adversely affected did not bear the risk of loss for the mistake
whether a party bears the burden of mistake: (1) express allocation between parties; (2) limited knowledge; (3) court allocates risk reasonably |
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Minority |
contracts entered into by a minor (under age 18) are voidable for a reasonable time after the minor reaches the age of majority UNLESS they are contracts for necessaries
no hard and fast definition of "necessaries;" depends on circumstances of minor and how much parent/guardian is willing to furnish |
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Unconscionability |
procedural unconscionability: protects against unfair surprise, includes fine print and inconspicuous or convoluted language
substantive unconscionability: protects against overly harsh or oppressive terms |
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Misrepresentation |
fraudulent misrepresentation: entitles party to void the contract
innocent misrepresentation: rescission is appropriate if the mistake was material and the party justifiably relied (no reasonable investigation necessary unless that constitutes a failure of dealing in good faith or in accordance with reasonable standards of fair dealing) |
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Frustration of Purpose |
(1) frustrated purpose must be the primary purpose of the contract; (2) frustration must be substantial; (3) nonoccurrence of the frustrating event must be a basic assumption on which formation of the contract was based; (4) no fault of either party |
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Damages and Mitigation |
damages generally seek to restore injured party to position it would have occupied absent any breach
injured party has a duty to reasonably mitigate damages, burden is on breaching party to show that injured party has failed to do this and that damages should be reduced accordingly |
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Lost Profits |
only available in PA if: (1) reasonably ascertainable; (2) damages were the proximate consequence of the wrong; and (3) damages were reasonably foreseeable
do not need to be calculable to a mathematical certainty, but must be more than merely speculative |
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Damages for Emotional Distress |
generally not available in PA in a breach of contract action UNLESS (1) bodily harm, or (2) conduct was outrageous/of such a kind reasonably expected to cause emotional distress |
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Promissory Estoppel |
allows a party to enforce a promise not supported by consideration if the party
(1) promise reasonably expected to induce reliance; (2) actually induced justifiable reliance; AND (3) injustice would result otherwise |
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Breach |
may treat the contract as ended only if the breach is material -- consider many common-sense factors |
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Anticipatory Repudiation |
PA uses a particularly strict standard, requiring that the anticipatory repudiation be "unequivocal" and "absolute" and expressed in a "distinct and positive statement" |
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Parol Evidence Rule |
two-part determination: (1) was written agreement the entire contract?; (2) did the prior oral agreement concern the field embraced by the subsequent oral agreement? |
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Accord & Satisfaction |
accord is like a new contract
if breached by obligor's failure to perform, then the obligee has the option of either enforcing the accord or the duty in the original contract |
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Third Party Beneficiaries |
can be creditor beneficiaries or donee beneficiaries
need intent of the parties that the third party benefit from the contract
in PA, rights vest immediately |
