business law 24-2

business law 24-2 - Historical and Social Setting:...

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Historical and Social Setting: Possession and title to land are passed from person to person by means of deeds. Unlike a contract, deeds do not have to be supported by legally sufficient considerations. Facts: Twenty-two years ago Lorenz was a wanderer who decided to settle down on an unoccupied three-acre of land which he did not own. People who lived in the surrounding area told Lorenz that they didn’t know who owned the land. Lorenz built a house, got married and raised three children while living on the property. He had trespassers removed, fenced in the land, and placed a sign above a gate he installed that read “Lorenz’s Homestead”. Now, Joe Reese confronts Lorenz with a deed in his name stating that he is the owner of the property. Joe Reese has ordered Lorenz and his family off of the property. Issue: Who is the “better” title owner of the property? Decision: Lorenz is the “better” title owner of the property. Reason:
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