5 Written Questions
5 Matching Questions
- 3 Types of Real Estate
- In order to have a valid contract the consideration must meet two elements
- Competent party
- Bargained for exchange
- If fraud, must have 4 things
- a courts really saying they will not enforce gift promises
- b is required to return the incompetent party to the status quo. incompetent party will be required to return the property in its current condition.
- c 1) the defendant made a false representation of material fact. 2) defendant knew the representation was false and intended to deceive the plaintiff - scienter. 3) plaintiff justifiable relied on the misrepresentation. 4) the plaintiff was injured.
- d 1) sale 2) lease/rent 3) mortgage
- e 1) both sides must give something of value 2) there must be a bargained for exchange
5 Multiple Choice Questions
- Virtually never used. 1) one party makes a promise and the other party knew or should have known the mistake. 2) The mistake was so clerical or math error that is not the result of gross negligence. 3) the mistake is so serious that enforcing the contract would be unconscionable.
- may return the property in the condition it is in at the time of disaffirmance.
- minors can disaffirm contracts
- who may enter into a contract
- relieve party for liability for ordinary negligence ( ONLY SCARE PEOPLE INTO NOT SUING)
5 True/False Questions
The adult - responsibility party → is required to return the incompetent party to the status quo. incompetent party will be required to return the property in its current condition.
Exceptions → 1) innocent person - justifiably ignorant of the law - purchase life insurance from an unlicensed company can still recover benefits 2) persons induced by fraud, duress, or undue influence - purchase drugs for me or i will kill you.
Legal Value → Promisor receives a legal benefit or the promisee suffers a legal detriment
Misrepresentation → Fraud ( you have forever to dispute this)
Blue Pencil → editing from a legal perspective. blue is nice and soothing, change the facts to reasonable ones.