Tenancy by the entirety - ANS Only spouses can own assets in this form of co-ownership. The death of one of the spouses will result in the surviving spouse owning the property as a whole.
Joint tenancy - ANS Co-ownership in which two or more persons own interests in property with...
Tenancy by the entirety - ANS Only spouses can own assets in this form of co-ownership.
The death of one of the spouses will result in the surviving spouse owning the property as a
whole.
Joint tenancy - ANS Co-ownership in which two or more persons own interests in property
with right of survivorship. If one owner dies title passes to his heirs or beneficiaries through
probate proceedings, not to the surviving co-tenant
Tenancy in common - ANS Co-ownership in which two or more persons own interests in
property. Each tenant has rights in the whole property with right of survivorship. This tenancy
requires probate to transfer property to the co-tenants, heirs or beneficiaries. If one tenant sells
his interest to another, that person then becomes a tenant in common with the other owner
Bilateral contract - ANS People make this contract when they exchange a promise for a
promise, or an act for an act. An executory contract is one in which one or more parties remain
obliged to perform.
An executed contract is one in which all parties have performed their mutual obligations under
the contract. A contract is defined as a promise or set of promises for the breach of which the
law gives a remedy.
Interrogatory - ANS Interrogatories must be answered within 30 days of service. This rule is
considered statutory law.
Grantor and Grantee - ANS The parties to a deed for personal property are the grantor (the
person selling) and the grantee (the person who is buying).
General warranty deed - ANS A real estate deed by which the seller only warrants or
guarantees that he has done nothing to encumber the property and title against defects in clear
title that may have arisen during the period of its tenure or ownership of the property.
A special warranty deed includes warranties such as a covenant of the right to convey and a
covenant of quiet enjoyment, but limits those warranties to parties who claim an interest in the
real property under the grantor
,A Quit claim deed is a deed that passes title from owner only, and makes no warranties about
the property having clear and marketable title. It is often used to clear a title defect
Special warranty deed - ANS A real estate deed by which the seller only warrants or
guarantees that he has done nothing to encumber the property. Title is clear and no defects
have arisen during the period of its tenure or ownership of the property.
A special warranty deed includes warranties such as a covenant of the right to convey and a
covenant of quiet enjoyment, but limits those warranties to parties who claim an interest in the
real property under the grantor
Summary judgment - ANS At any time after a suit is filed usually during discovery either
side asks the court to enter a verdict because evidence outside of the pleadings establishes that
there is no material issue of fact such that the moving party is entitled to judgment. A summary
judgment motion can be made until 30 days after the close of discovery. Governed by Rule 56
Motion for directed verdict - ANS this motion is presented by the defense after the trial has
started and asks the court to enter a verdict in the defendant's favor because the plaintiff has
failed to prove all material allegations against him, this would end the trial
Federal rules of evidence - ANS Rules that govern procedural matters such as the use of
privileged communications in federal civil trials. An excited utterance is an exception to the
hearsay rule. The statement must be spontaneously made by the person while still under the
stress of excitement from a startling event. There are 11 articles in the Federal Rules of
Evidence
Counterclaim - ANS File this with the court against the plaintiff if the defendant asserts his
own harm as part of the same incident that gave rise to the lawsuit. The time limit for the plaintiff
to respond is 21 days after service
Answer - ANS The defendant's written response to the plaintiff's complaint. When
computing the deadline for response, exclude the day of service.
If the plaintiff denies the allegations or wants to amend he must respond within 21 days from
date of service without the court's permission. Rule 4(a)(1)(A) specifies that a party has 20 days
to file an answer after they are served with a complaint.
Interlocutory appeal - ANS An Interlocutory appeal is the method used to obtain appellate
review of a discovery order prior to the time of trial. It must be filed ten days after entry of the
interlocutory order.
Parole evidence rule - ANS After parties execute a contract this rule prohibits the parties
from altering the meaning of the written document in any way. It is a substantive common law
rule in contract cases.
, Privity of contract - ANS The rule by which a third party has no right to sue on a contract to
which he or she is not a party, and provides that a contract cannot confer rights or impose
obligations arising under it on any person or agent except the parties to it.
Condition precedent - ANS In contract law, an act or event which must occur, before
performance arises upon the other party to perform.
Accord and satisfaction - ANS An executory promise by one party to give a substituted
performance and by the other party to accept the substituted performance as discharge of an
existing duty
Donee beneficiary - ANS The beneficiary of a life insurance policy owned by another, or
one who receives a gift.
Uniform Commercial Code - ANS A set of laws that provide legal rules and regulations
governing commercial or business dealings and transactions. It regulates the transfer or sale of
personal property, but does not address dealings in real property.
Fungible goods - ANS A description applied to items of which each unit is identical to every
other unit, such as in the case of coal, grain, oil, or flour. Goods that can readily be estimated
and replaced according to weight, measure, and amount.
Statute of frauds - ANS A statute adopted in most states which requires certain types of
contracts to be in writing. The statute of frauds is concerned with the enforcement of a
contractual agreement, not with the validity of its terms.The sale of land must be in writing.
Contracts involving, wills, or leases must be in writing. A contract for the sale of goods valued at
$500 or more must be in writing. Contracts that cannot be performed in less than a year must be
in writing. A promise by one party to pay the debt of another party is a guaranty, in most states a
guaranty must be in writing
Anticipatory repudiation - ANS In the law of contracts this term describes a declaration by
the promising party to a contract that he does not intend to live up to his obligations under the
contract.
Promissory estoppel damages - ANS An injured party can recover damages if those
damages were the result of a promise made by a promisor and the promise was significant
enough to move the promisee to act on it.
Express contract - ANS Formed by specific words, either oral or written, sign, or conduct.
Each contracting party fully knows the terms and promises. Not formed by manifestations of
assent, but by oral or written language.
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