Contracts for the Sale of Real Property Self-Quiz
Lisa owns an apartment building.
She orally leases an apartment to Tina “for 5 years, with rents
to be paid on the first of every month.” Is this lease enforceable
under these terms?
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Lisa owns
an apartment building. She and Tina agree that Tina will buy a specific
apartment in the building for $50,000. They commit the contract to writing,
but the contract does not list the agreed on price. Both parties sign
the agreement. Later, Tina changes her mind and refuses to pay for the
apartment. Lisa wants to enforce the contract. Can she?
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Homer orally agrees to sell
Blackacre to Smithers for $500,000. Smithers pays Homer the $500,000 and
then moves onto Blackacre. Two months later, Homer changes his mind and
demands that Smithers move off of Blackacre and he offers Smithers his
money back. Smithers refuses, saying that there was a valid contract for
the transfer of Blackacre. Homer claims that the contract violates the
Statute of Frauds and so he is entitled to take back Blackacre. Who will
win?
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Bart wants to sell his house.
He hires Lisa to broker the sale of the house and he sets a purchase price
for the house of $400,000. Lisa is to get a 6% commission. Lisa puts advertisements
in the newspaper and uses other avenues to find a buyer. Eventually, Lisa
puts Bart in contact with Apu, who contracts to buy Bart’s house
for $400,000. However, before the closing, Apu moves to India and fails
to go through with the contract. Lisa sues Bart for $24,000. Under the
traditional rule, can she recover?
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Bart wants to sell his house.
He hires Lisa to broker the sale of the house and he sets a purchase price
for the house of $400,000. Lisa is to get a 6% commission. Lisa puts advertisements
in the newspaper and uses other avenues to find a buyer. Eventually, Lisa
puts Bart in contact with Apu, who contracts to buy Bart’s house
for $400,000. However, before the closing, Bart backs out and refuses
to go through with the contract. Lisa sues Bart for $24,000. Under the
“modern” (minority) rule, can she recover?
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Al contracts to sell Blackacre
to Brenda for $200,000. At closing time, Brenda announces that she will
not go through with the purchase because she did a title search and did
not find Al’s name anywhere in the records of the history of Blackacre.
Al claims that the reason for this is that he acquired Blackacre through
adverse possession. Brenda says that this is not good enough. Al sues
Brenda for breach of contract. Who will win?
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Al contracts to sell Blackacre
to Brenda for $200,000. The contract is signed on January 1 and the closing
is set for April 1. On March 1, who owns Blackacre?
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Al contracts to sell Blackacre
to Brenda for $200,000. The contract is signed on January 1 and the closing
is set for April 1. On March 1, a hurricane destroys a structure on Blackacre
and reduces its fair market value to $100,000. At the closing, Brenda
claims that she should only have to pay $100,000. Is she correct?
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Al contracts to sell Blackacre
to Brenda for $200,000. The contract is signed on January 1 and the closing
is set for April 1. In March, the price of real estate shoots up and Blackacre
is now worth $300,000. On April 1, Al refuses to turn over Blackacre to
Brenda. Brenda sues Al for breach of contract. What will be the most likely
result?
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