End of Chapter 8 Questions and Answers

End of Chapter 8 Questions and Answers - End of Chapter 8...

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End of Chapter 8 Questions and Answers 1. What are the elements of a valid contract? i. Offer ii. Acceptance iii. Consideration iv. Written evidence of an agreement 2. What type of deed would you like to have if you are the buyer? Answer: A General Warranty Deed providing the most extensive guarantee possible for good title. 3. What type of deed is usually used to help clean up a title? Answer: Quitclaim deed. 4. What is the difference between a general and special warranty deed? Answer: A special warranty deed only guarantees good title during and after ownership by the seller but not covering the time before ownership while a general warranty deed covers all periods. 5. What are some reasons that a contract might be invalidated? When capacity is lacking, the contract was formed under undue influence or duress 6. Cite some examples of clear public purpose for title transfer through eminent domain. Answer: Schools, police stations, libraries, parks, streets, airports and government property. 7. What is just compensation? Do you always need to lose an entire property in order to receive just compensation? Answer: Just compensation is a payment for the loss in value suffered as a result of eminent domain. No, an owner need not have the entire property taken away and it should not be taken unless it is actually required for the new development.
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