Law of Contracts Cumulative Exam Questions And Answers

Law of Contracts Cumulative Exam Questions And Answers abstract of title - ANSWER an abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances acceleration clause - ANSWER clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default accession - ANSWER refers to the acquisition of new land or real property by artificial or natural means actual damages - ANSWER monetary compensation given to an injured party for losses that were a result of the actions or omissions of another party actual notice - ANSWER notice given to a specific party regarding the ownership of a property adaptation - ANSWER the use and modification of a particular item for a specific use in a property — specific use for a property could deem an item as real property addenda - ANSWER documents containing additional terms, information, or obligations that are attached to a contract / a document that's attached to a purchase agreement that includes additional information or requests items not included in the purchase agreement agency - ANSWER a relationship where one party is authorized to act on behalf of the other air rights - ANSWER ownership rights to the air above a property, extending from the surface of the land up into space alienation - ANSWER the process and act of transferring property from one party to another allodial system - ANSWER system of ownership in which land is owned completely, without an obligation of services or duties to another amendment - ANSWER a document that changes the terms in a sales contract that has been previously agreed to by all the parties; requires all parties to sign the amendment for it to be valid / a change in a legal document made by adding, altering, or omitting a certain part or term