Contracts 1
Offer and acceptance
What are the components of mutual assent?
The manifestation by two or more persons of the substance of a contract
What is an agreement?
To whomever the soil belongs, he owns also the sky and to the depths
What is the Ad Coelum Rule?
The method of obtaining title to real property may be obtained by taking actual possession of the property openly, notoriously, exclusively, under a claim of right and continuously for the statutory period
What is adverse possession?
The destruction, alteration, or deterioration of the premises, other than from natural causes or from normal usuage?
What is waste?
The terms of the acceptance must mirror the terms of offer
What is the Mirror Rule?
A contract where at least one party has the option to avoid his or her contractual obligations
What is a voidable contract?
Illegality and against public policy
What are legal defenses to avoid contract?
An estate in which the holder owns the land for life or forever
What is a freehold estate?
An interest that takes effect after another estate is ended
What is a remainder interest?
Bargains for exchange requiring both parties suffer a legal detriment and those detriments are reciprocal reduced
What is consideration?
The rule that states that acceptance occurs when the offeree dispatches the acceptance by an authorized means of communication
What is the Mailbox Rule or Acceptance Upon Dispatch Rule?
Where a supervening event occurs that makes the performance literally impossible by anyone, and its nonoccurence was an underlying assumption, then its occurence excuses the party's obligation to perform
What is the traditional test for the doctrine of impossibility?
Deed
What is a formal written instrument used to transfer title from one person to another?
A freehold estate that restricts ownership of real property to a particular family bloodline
What is a fee tail estate?
Rejection, revocation, lapse, supervening death (or incapacity) of the offeror (or Offeree)
What are the ways to destroy an offer ?
A contract that can only be accepted by the offeree's performance of an act
What is an unilateral contract?
A right to the future enjoyment od property that one originally owned
What is a reversionary interest?
If someone owns A then that person owns some closely related and in some source subordinated B
What is accession?
"Nor shall private property be taken for public use, without use compensation"
Taking Clause of 5th Amendment (Eminent Domain)
One of two major sources of contract law, developed by early court decisions that became precedent from later decisions
What is the common law of contracts?
A completely integrated writing is the final expression of the parties' entire deal. The completely integrated writing may not be contradicted or supplemented.
What is the Parole Evidence Rule?
UCC 2-207 is put in place when . . .
What is when there are different or additonaL terms than were agreed upon within the contract?
Prescription, Implied, Conveyance, Reservation, and Necessity
When one holds property for the duration of the life of another person
What is estate pur autre vie?