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8 Cards in this Set

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  • Back

Need for a Writing - Statute of Frauds

Anagreement for the purchase and sale of real property must comply with theStatute Of Frauds and must include:

1. Essential Terms (nameof parties, description of property, intent to buy and sell)

2. Signed by Party to be Charged

Part Performance or Equitable Estoppel

groundsto enforce some oral contracts, but there must be proof of an oral agreement between theparties

Other Requirements for an Enforceable K

1. Adequateconsideration,

2. Offer,

3. Acceptance,

4. Unconscionability,

5. anticipatory repudiation,

6. breach,

7. warranty, and

8. damages

Moran v. Erk - ATTY Approval Contingency in K

Where a real estate contractstates that it is “subject to” or “contingent upon” the approval of eachparty’s attorney, that language means what it says: no vest rights are createdby the contract prior to the expiration of the contingency period

- if nofurther limitations on approval appear in the contract’s language, an attorneyfor either party may timely disapprove the contract for any reason or for nostated reason

Equitable Conversion

Doctrinesplits title to the property between the seller and the buyer the moment thecontract is signed: Seller is still owner of property & retains legal titleto the realty; buyer acquires equitable title

- buyerhas an interest in the property even though the contract hasn’t been fullyperformed

Gen. Rule for Equitable Conversion

Thebuyer takes on the risks associated with anything that happens during theexecutor period

Insurable Interest

traditionalinsurance coverage rule: ignore the insurance policy when the contract issilent on whose insurance should cover a loss & permit the seller tocollect insurance proceeds & enforce the contract against the buyer for thefull price

alternative rule: Insuranceproceeds held in trust by seller for buyer & if transaction closes, buyerreceives credit on the price equal to the proceeds minus amount of premiumspaid

Holscher v. James - Equitable Conversion

- takesplace when a contract for the sale of real property becomes binding on theparties (then purchaser treated in equity as having an interest in realty, andvendor an interest in personalty). - When it applies, purchaser is deemed theequitable owner of the realty, and assumes the risk of loss on the property. Itapplies only if nothing in the contract states otherwise