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50 Cards in this Set
- Front
- Back
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Quiet Title Action
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An action brought by a party seeking an order of the court declaring who has title to disputed property. By it's decision, the court "quiets title." |
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Recording Statute |
A state statute that requires a mortgage or deed trust to be recorded in the county recorders office. to prevent fraud and to establish ownership. who established the deed first? |
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sale of estate |
aka conveyance. the most common method for transferring ownership rights in real property. |
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deed |
a writing that describes a persons ownership interest in a place of real property |
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grantor |
the party who transfers an ownership interest in real property. seller |
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grantee |
the party to whom an interest in real property is transferred. buyer |
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warranty deed |
contains the greatest number of warranties and provides the most protection to grantees. good for buyors not so much the sellers. |
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quiet claim deed |
provides the least amount of protection b/c the grantor conveys only w/e interest he/she has in the property. |
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community property |
NINE STATES - Ariz, Cali, Idaho, LA, Nevada, NM, TX, Wash, & Wisc. recognize a form of ownership which each spouse owns an equal, one half share of the income of both spouses and the assets acquired during the marriage. ONLY MARRIED COUPLES. wife has 1 mil & dies, hub gets 500 thou automatic & other half goes to heirs (or will). cannot gift, transfer, or sell w/o consent of spouse.*tainted* leave what you come in w/ |
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tenancy by the entirety |
form of co-ownership of real prop. that can be used by MARRIED COUPLES ONLY. Must be created by express words such as "Harry Jones & Maude Jones , husband & wife, as tenants by the entireties." A surviving spouse has the right of survivorship. Different from joint tenancy in that neither spouse may transfer or sell his/her interest in the prop w/o the other spouse's consent. |
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tenancy in common |
a form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenants estate and not the co-tenants. Can sell, give, devise, or transfer his interest w/o the consent of the other co-owners. Ex: Lopez, 1:4 tenants in common who own a piece of prop has a will that leaves all his prop to grandchild. Lopez dies so grandchild receives his interest in the tenancy in common & grandchild becomes a tenant in common with the other 3 owners. |
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Joint Tenancy |
a form of co-ownership that includes the right of survivorship. J.T. W.R.O.S = Joint tenant with rights of surviorship. Ex: Jones, 1:4 ppl who own prop in joint tenancy, executes a will leaving all his prop to a univ. Jones dies. The surviving joint tenants- NOT THE UNIV- get his piece of prop. The joint tenants can sell or transfer Jones interest in the prop. but such conveyance terminates the joint tenancy. The parties then become tenants in common. |
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Future Interests |
A person may be given this right to possess prop in the future. There are two forms of this called reversion and remainder. |
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Reversion |
a right of possession that returns to the seller/grantor after the expiration of a limited o contingent estate. |
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Remainder (Remainder person) |
a right of possession that returns to a third party upon the expiration of a limited or contingent sale. Ex: A conveyance of prop. "to Joe for life, remainder to Meredith" is a vested remainder - the only contingency to Meredith's possessory interest is Joe's death. |
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Life estate |
an interest in land for a persons lifetime; upon that persons death, the interest will be transferred to another party. Ex: A conveyance of real prop "to Anna for her life" creates a life estate. |
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True |
T/F - A life tenant is treated as the owner of the prop during the duration of the life estate. |
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Estate Pur Autre Vie |
A life estate measured by the life of a 3rd party. Ex: "To Anna for the life of Benjamin" |
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True |
T/F - A life estate may be defeasible. Ex: to John for his life, but only if he continues to occupy this residency. |
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True and false. Is highest ownership b/c it DOES give you the fullest bundle of legal rights that a person can hold in real prop. |
T/F - Fee Simple Absolute (FSA) is the highest form of ownership but it does not give you all the legal rights that a person can hold in real prop. |
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Fee simple absolute (FSA) |
The highest form of ownership of real prop. Ownership: (1) is infinite n duration (2) has no limitation on inheritability and (3) does not end upon the occurence or nonoccurrence of an event. |
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Fee simple defeasible aka qualified fee |
grants the owner all of the rights of a FSA except that it may be taken away if a specified condition occurs or does not occur. EX: A conveyance of prop to a church "as long as the land is used as a church/church purposes". The church has all the rights of an owner of a FSA except that its rights are terminated if the prop is no longer used for church purposes |
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True |
T/F - The type of estate that an owner possesses is determined from the deed, lease, will, or other document that is transferred the ownership rights to him/her. |
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Freehold estates |
the owner has a present possessory interest in the real prop; that is, the owner may use & enjoy the prop as he/she sees fit. The two types of this are estates in fee and life estates. |
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land and building, subsurface (mineral) rights, plant life & vegetation, and fixtures |
What is included in real property? |
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Equity |
A doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law |
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Contract has to be more than 500$. If its 499.99 it does not have to be in writing. |
What is the UCC Statute of Frauds? |
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"Make believe" contract. Implied contract. The court creates one for unjust enrichment. Who got it for free? |
What is quasi-contract? |
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Reformation |
an equitable doctrine that permits the court to rewrite a contract to express the parties true intentions. Usually with clerical errors. |
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A court order that prohibits a person from doing a certain act. |
What is an injunction? |
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It orders the breaching party to perform the acts promised in the contract. Ex: if a buyer has entered a contract to purchase a house from a seller but when the time comes the seller refuses. The buyer can bring action of specific performance. |
What is specific performance? |
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True |
T/F - No personal services are allowed in specific performance. |
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Mitigation of Damages |
A person moves out but they still owe rent until the apt is occupied. The landlord has to take REASONABLE EFFORT to fill the apt. What is this called? |
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Liquidated Damages |
Damages to which parties to a contract agree in advance should be paid if the contract is breached. Ex: 10$ a day if bathroom add-on isn't finished. |
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Consequential damages |
Foreseeable damages that arise from circumstances outside the contract. "Extra things."To be liable the party must know that or have reason to know that the breach will cause special damages to the other party. |
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Compensatory damages |
Places the non-breaching party in the original position they were before the contract. |
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Inferior performance (material breach) |
When a party's failure to perform certain express or implied obligations impairs or destroys the essence of the contract. Non breaching party can rescind (walk away from) |
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Substantial performance (minor breach) |
performance by a contracting party that deviates only slightly from complete performance. |
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If something is more than one year it has to be in writing |
What is the one-year rule? |
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Shocks the conscionce. A contract so that is so oppressive, unfair, or unjust. EX: door-to-door saleman sells a freezer full of meat to a poor family for 3,000$ with a huge interest when really the price is only 1,000$. |
What is an unconscionable contract? |
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false |
T/F - A contract that is unlawful can still be enforceable. |
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Minors, Incompetent persons, and intoxicated persons |
People who cannot generally enter a contract |
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Because the lack consideration aka something in exchange. EX: Ms. Colby promising her son 10,000$ and then re-nigs. Her son would have no suit. But if she promised him 10,000$ for getting an "A" in Paralegal studies the contract would be enforceable because there is consideration (an exchange.) |
Why are gift promises aka gratuitous promises unenforceable? |
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consideration |
something of legal value given in exchange for a promise . A necessary element for a contract to exist. The most common are money or property or the performance of an act. |
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forbearhance |
doing something your legally allowed to do. sacrifice |
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Plaintiff showed up and did the work but didn't get paid. |
What is an implied contract? |
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Express contract |
What is an oral/written contract? |
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True |
T/F - Grumbling acceptance is legal acceptance. |
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Mirror Image Rule |
Acceptance. No variations. "I'll sell you the car for 1500." "I'll buy the car for 1500." |
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Option contract |
"I'll offer you $10 to keep the deal until I can pay you the money." What type of contract? |
