physical deterioration, begins to rely more and more upon a younger acquaintance for advice until the point is reached where the older person's willpower and judgment are almost totally controlled by the dominant party) The conditions for an undue influence case: 1. That he or she was induced to enter into a particular contract by virtue of the dominant party’s power and influence, rather than as the result of exercising his or her own violation 2. That the dominant party used this power to take advantage of him or her, undue influence is established and he or she is freed of lability on this ground Home Solicitation statutes – protect persons who are subjected to high pressure sales tactics by salesperson who come to their homes The general rile is that a buyer has an automatic 3-day period in which to cancel a contract where o The contract is for land, goods, or services worth over $25 o The sale was initiated by the seller o The contract was completed at a place other than the sellers place of business Truth in lending act – provides a 3 day right to rescind in the case of credit transactions affecting interstate commerce, such a mortgage transaction in connection with the purchase of a home Most oral contracts are just as enforceable as written contracts if their terms can be established in court
What contracts are required to be in writing by the statute of frauds? 1. A contract calling for the sale of an interest in land 2. A contract that cannot be performed within one year of its making 3. A promise by one person to pay the debt of another 4. A promise made in consideration of marriage 5. A promise by the administration or executor of an estate to pay a debt of the estate out of his or her own funds What is an easement? When must it be written? the right of one person to do something on someone else's land. If created in an express manner, the granting of the right must be evidenced by a writing. Land, or real property, essentially consists of the earth surface, vegetation, buildings, and other structures permanently attached to the soil Growing crops, being physically attached to the ground, are also generally considered to be real property when sold in conjunction with the land Interests in land include real estate mortgages and easements A real estate mortgage is a conveyance of an interest in land by a debtor to a creditor as security for the debtor In addition to the requirement that a contract for the sale an interest in real estate be in writing, the document that actually transfers ownership – a deed – must also be in writing and singed by the seller (“grantor”) When is an oral contract for real estate enforceable? If the buyer, has: o Paid all or part of the consideration for the land o Taken possession of the land o Added substantial improvements to it When must a lease be written?
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- Spring '08