CHAPTER 7 - Real Estate Chapter 7 CHAPTER 7 THE REAL ESTATE...

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Real Estate Chapter 7 CHAPTER 7 THE REAL ESTATE CONTRACT I. Introduction A. Intro 1. Real estate contracts distinguishes from a regular contract law with (1) formation and (2) performance being simultaneous 2. An example is an installment contract (forms, but takes years to perform) 3. The typical real estate contract formed when the buyer and seller exchange in writing the buyer’s promise to purchase with the seller’s promise to convey the property 4. Deed - written instrument used to convey title to property from one party to another; NOT a real estate contract B. This chapter discusses 1. Requirements for contracts to be binding 2. Provisions server to protect buyers and sellers 3. Legal principles under which a contract is void or voidable C. Professor Dhooge’s caveats: 1. Pre-printed forms 2. Statute of Frauds 3. Parol Evidence Rule (preliminary negotiations can’t be used to interpret K a. Oral negotiations b. The K is the final embodiment of parties agreement II. Legal Requirements A. Statute of Frauds 1. Statute of Frauds - 1677, required certain contracts (including contract for sale of real estate) to be in writing 2. Part performance (of the contract)- an exception to the Statute of Frauds to prevent unfairness a. Makes valuable improvement on the land J. Duong 1
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Real Estate Chapter 7 b. Taking possession or retain possession at the time of bargain, also pays a portion or all of the purchase price, the purchaser or the seller may specifically enforce the contract 3. Estoppel - Another exception to the Statue of Frauds , one person cannot claim a right to the detriment of another person when the latter was entitled to rely on the first person’s conduct a. Monarco estopped from claiming the estate due to the oral promise made to LoGreco b. Preventing a person form making a claim, fact, etc. 4. Parol Evidence Rule - if the parties have put their contract in writing and intend the writing to be their final agreement, prior evidence or contemporaneous (at the same time) agreements during negotiations may not be used in court to vary or contradict the written agreement. Exceptions : a. Admissible in court for showing that a later agreement “varies” the terms of the original agreement b. For “clarifying” confusing or conflicting terms c. Such evidence is “necessary” to prove the written contract was the result of a mistake, duress, undue influence, or fraud B. Negotiating the Written Contract 1. Contract is a mutual agreement: offer and an acceptance 2. Revocation - termination of an offer by the offeror prior to an acceptance by the
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This note was uploaded on 04/04/2008 for the course BUSI 127 taught by Professor Dhooge during the Fall '07 term at Pacific.

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CHAPTER 7 - Real Estate Chapter 7 CHAPTER 7 THE REAL ESTATE...

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