5 Acceptance a Bilateral transaction usually held that giving a gift is a bi

5 acceptance a bilateral transaction usually held

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5. Acceptance a. Bilateral transaction: usually held that giving a gift is a bi-lateral transaction requiring an acceptance on behalf of the donee, but if gift is a beneficial one, the ct. can presume that the donee intended to accept b. Donee unaware: issue usually arises where the donor gives the property to a 3 rd person to be held until it’s given to the donee, but cts. have generally heard that acceptance is not absolutely necessary and that the gift took effect immediately upon its execution by the donor 10
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IV. FREEHOLD ESTATES A. Fee Simple Absolute 1. Largest estate permitted by law; invests the holder of the fee w/ full possessory rights now and in the future; has an infinite and potentially infinite duration. Holder can sell, divide, devise, or if he/she dies intestate, the heirs inherit it 2. Restrictions on use: the holder can’t violate zoning laws, can’t be a nuisance to the adjoining landowner, but other than that free to do anything w/in the law 3. Words needed to create: “to A and his heirs” (necessary only in inter-vivos transfers, but for devises, not necessary to say “and his heirs”) a. Words of limitation: “and his heirs” describe the estate that is being transferred—fee simple absolute b. Words of purchase: “to A” describes who (A) is getting the estate 4. Inheritance of a Fee Simple a. Heirs: if a person dies intestate, the decedent’s real property descends to his heirs, but no one has heirs until he dies - Classes of kindred usually go: to the first issue, and if no issue, then to the parents, and if no parents, then to collaterals b. Issue: doesn’t refer to children only, but further descendants c. Ancestors: parents; usually take as heirs if decedent leaves no issue d. Collaterals: All persons related by blood to the decedent who are neither descendants nor ancestors (i.e.: brothers, sisters, nieces, nephews, cousins, etc.) e. Escheat: if a person died intestate w/o any heirs the property escheats to the state if no next of kin is located B. Defeasible Fees -Fee simple estates of potentially infinite duration that can be terminated by the happening of a specific event 1. Fee Simple determinable (and possibility of reverter) -Fee simple so limited, it will end automatically when a stated event occurs -An estate that automatically terminates on happening of a stated event and goes back to the grantor a. Created by the use of durational language: “for so long as”, “until”, “while”, or “during” (i.e.: O conveys land to A for so long as no alcohol is consumed on the premises—this give A a fee simple determinable, and O has a possibility of reverter, b/c if alcohol is consumed, it reverts back to him, but there’s a chance it won’t be, and then A would still have the land and it has the possibility of passing on to A’s successors; A also has the option of conveying his interest to B, and then B would have to follow the same rules) b. Correlative Future Interest in the Grantor —Possibility of Reverter -Since the grantee’s estate may end on the happening of the stated event, there’s a possibility that the land may revert back to the grantor, thus
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