Forming the land sale contract Bar Exam Flashcards - Medical Study Cards
Master Forming the land sale contract with Oncourse flashcards. These spaced repetition flashcards are designed for medical students preparing for NEET PG, USMLE Step 1, USMLE Step 2, MBBS exams, and other medical licensing examinations.
Forming the land sale contract Flashcard Deck - 8 Cards
Flashcard 1: What does the Statute of Frauds require for an enforceable contract for the sale of land?
Answer: The contract must be evidenced by a writing signed by the party to be charged and must identify the parties, describe the land, and state the price or a reasonably certain method for determining it.
Flashcard 2: What is the implied covenant concerning marketable title in a land-sale contract?
Answer: Unless the contract provides otherwise, the seller must deliver title reasonably free from doubt and from undisclosed liens, encumbrances, and significant defects, and title must be subject only to accepted exceptions. The seller usually has until closing to cure a title defect.
Flashcard 3: When is a liquidated-damages clause in a land-sale contract enforceable?
Answer: Under the majority/Restatement rule, the clause is enforceable if, when the contract was formed, actual damages were difficult to estimate and the stated amount was a reasonable forecast of probable loss; otherwise, it is an unenforceable penalty.
Flashcard 4: Why may a court specifically enforce a land-sale contract, and what must the plaintiff show?
Answer: Specific performance is ordinarily available because each parcel of land is considered unique, but the plaintiff must prove an enforceable contract, satisfy the Statute of Frauds, and show that the plaintiff has performed or is ready, willing, and able to perform. The remedy remains discretionary and may be denied for indefiniteness, unfairness, or an adequate legal remedy.
Flashcard 5: When does the parol evidence rule prevent evidence of prior or contemporaneous agreements in a land-sale dispute?
Answer: If the written contract is intended as a complete and final expression, prior or contemporaneous terms that contradict or add to it are excluded. Extrinsic evidence remains admissible to explain an ambiguity, show fraud or mistake, or establish a condition precedent to effectiveness.
Flashcard 6: What is the effect of a merger clause or delivery of the deed at closing on the parties’ rights?
Answer: Under the merger doctrine, provisions concerning title, possession, and the condition of the property generally merge into the deed at closing and cannot afterward be enforced as contract terms. Express provisions intended to survive closing and independent fraud claims generally remain enforceable.
Flashcard 7: What is the part-performance exception to the Statute of Frauds for a land-sale contract?
Answer: Under the majority rule, specific performance may be granted when the buyer’s conduct—typically possession plus payment or valuable improvements—unambiguously proves the alleged agreement. Mere payment alone is generally insufficient.
Flashcard 8: What degree of certainty is required in the description of property in a land-sale contract?
Answer: The description must identify the property with reasonable certainty, either from the writing itself or by reference to an objective document or established means of identification. A court may not supply essential terms based only on the parties’ unexpressed intentions.
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