TIME/Breach/financing Flashcards Preview

Property II > TIME/Breach/financing > Flashcards

Flashcards in TIME/Breach/financing Deck (33):
1

a breach is MATERIAL if

breach goes to the essence of the contract

2

Material breach entitles injured party to.....

damages and
excuses the injured party from having to perform obligations

3

A non-material breach entitles injured party to...

damages BUT
must still perform his obligations

4

how to transform a non-material to a material term

make TIME of the essence

5

the non-breaching party is entitle to damages for ______breach of contract that causes an injury.

EVERY

6

the time of performance will NOT be material when

time is not of the essence
*each party has reas. period of time after deadline to perform before breach becomes material

7

must the non-breaching party still perform when time is not of the essence

yes
(&the breaching party will still owe damages)

8

Which party can make time of the essence AFTER the execution of a K?

Either party!
must be reas & inform the other party that on-time perf. is expected

9

Why is TIme of essence clause a two-edged sword
?

either party can get out
(ex. flat tire can result in breach)

10

mortgage

the conveyance of land to secure payment of a debt

11

law day

date on which the final payment of the morgage is due

12

mortgagor

party obtaining financing

13

mortgagee

party providing the money

14

estate type

the morgagee receives a defeasible fee estate (mortgage is phrases as a fee simple determinable

15

default

a failure by the morgagor to pay the mortgages on the law day

16

historic effect of a default

all the morgagor's interest in land was extinguished

17

modern effect of a default

initiates the "equity of redemption."

18

equity of redemption

the right of the mortgagor to pay off the debt after default to recover the property.

19

waiver of equitable redemption

an agreement by the mortgagor to surrender the equity in advance (any such waiver is void)

20

Foreclosure

a termination of the equity of redemption

21

types of foreclosure

1. judicial or 2. Private Power

22

types of judicial foreclosure

by sale- decree ordering sale of the property w/ the proceeds used first to satisfy thet morgages and if a balance remains, the mortgagor
strict- a decree giving the mortgagee full title and extinguishing the debt

23

private power foreclosure

the authority given in the mortgage for the mortgagee to sell the property at auction w/out judicial action

24

mortgage note

a promissory note executed at the time the mortgage is given

25

what provides the obligation that the mortgage secures

the mortgage note

26

what makes the mortgagor individually responsible for repaying the amount borrowed

the mortgage note

27

can the balance be PREPAID?

no. unless the mortgage specifically authorizes it
(today most all jsuris dont auth it)

28

Marketable title is

"readily subject to resale and free from reasonable doubt."

29

what is marketable title NOT (better approach)

refer to standards of the bar or avoid all together and subsitute insurable title

30

What can purchaser do to address a title problem

1. walk away from deal and seek damages
2. accept defective title and bring action to quiet title hoping that defect can be cured
3. put the deal ON HOLD and allow the SELLER to bring the quiet title action

31

is unmarketable title bad title?

no, not same

32

a utility easement

defective title, but still marketable

33

Title by adverse possession is "good" but ......

NOT marketable (until confirmed by a court judgment)