• a form of ownership in which 2 or more persons have undivided interest in the same property
• each person entitled to a specific fraction of the parcel
• forms of co-ownership
• joint tenancy
• tenancy in common
• tenancy by entirety
• tenancy in partnership

most frequently occuring form of concurrent ownership (default)

• each owner possesses an undivided right to the entire parcel of land, with each owners rights similar to those possessed by a sole owner.

• co-ownership of property by husband and wife that is nonseverable without the consent from both
• on death of either, the survivor remains as sole owner
• marital partners are considered a single unit

• form of co-ownership in which each partner owns partnership property together with the other partners
• each partner shareis treated as personal property

• form of co-ownership between husband and wife used in some states (not PA) 
• each spouse gets an interest in property acquired during the marriage even if their name is not on a deed

an association of 2 or more persons to organize a business venture and divide the profits

a business entity that is like a partnership (taxed like a partnership) but provides limited liability for owners like a corporation

- a form of partnership (association of 2 or more persons to organize a business).

- the limited partnership has as members 1 or more general partners and 1 or more general partners

- the limited partners do not participate in the control or running of the business and get limited liability

• the fee simple ownership of one unit in a multiple-unit structure
• combined with an ownership of an undivided intrest in the land and all other parts of the structure
• held as tenants in common with the owners of the other individual units in the structure. 

• the organization stipulated by statute to administer the operation of the common elements of the condominium

• a form of ownership in which the land and buildings are usually owned by a corporation
• individual unit residents own stock in the corporation and have a proprietary lease in a specific unit or apartment.

• type of mortgage obtained. 
• condo-owner arranges own mortgage.
• co-op-blanket mortgage for the entire building
• co-ops sometimes need approval of the new tenant if they wish to sell. 

the deed for each indiidual condominium unit

• the parts of the development property that are necessary of convenient for the residents of the condominium and are owned in common by all the condominum residents. 

• a nonpossessory interest in real property; the right to use anothers real estate for a limited purpose. 

• the right of an owner of a parcel of land to benefit from th use of anthers land.

• a single wall located on the boundary of neighboring properties; it simulaneously serves as a common support for buildings on each of the two parcels.

• an easement that exists as a personal right apart from a dominant estate. 
• not tied to another parcel of land such as easement appurtenant. 
• ex telephone company bury it line along a road

• a personal privilege to eanter another's property for a specific purpose. 

• a way to terminate an easement by non use
• requires: holder of easment to discontinue use and to indicate his intention to discontinue

• Another way to terminate an easement
• easement is terminated when the servient estate if sold to a person who has no knowledge of the easement
• easement would need to not be recorded and not visible

• easement is implied by the intention of the parties 
• generally created by prior use or necessity

• the parcel of land that benefits from the easement
• example-the owner of one parcel (dominant) of land  benefits by using the land of another (the servient estate).
• ex.-people in my house have a right to walk across a neighbor's property.  My property is the dominant estate; neighbor's property is the servient.  If I sell my house, the easement is also transferred but I cannot sell the right to walk accross the neighbor's house.

• the property that is burdened by the easement

• way to acquire an easement by using another's property wrongfully for s legally specified period. (like adverse possession)
• if an owner does not take action against wrongful use of their property for a period of time then they lose the right to challenge that use

• easement created by an owner expressly granting in a deed or other writing a specific right to another to use the property

an easement created when an owner of property conveys title to another by deed which specifically reserving an easement in his favor

an easement permitting the owner of landlocked land to cross a portion of land of which the easement formerly was a part

a way to terminate an easement if the owner of the servient estate acts in a manner adverse to the easement for the legally required time

C- capasity

A- assent

F- form

C- consideration

O- offer

L- legal

A- acceptance

what are the 7 elements of a contract;

offer

1. must be communicated to offeree

2. must be an intent to create a contract

    -reasonable standard

3. must be reasonable certain or definite, not too vague

-offer can be terminated or changed until accepted

   1. revoke- take it back

   2. rejected by receiving party

   3. by law ( such as death)

   4. too much time (reasonable or stated)

          - state the end date, or reasonable time)

   5. subject matter destroyed

          - car crashed before acceptance

-an expression of opinion is not an offer

   - "hand should heal in a few days"

- some offers can not be revoked

    - exchange of money for an agree to hold the offer open (downpayment)

what are the 7 elements of a contract;

acceptance

1. can only be accepted by who the offer is made to

2. does not need communication (mail in acceptance) but silence is not 

    - (ex) knock on window and shows bucket to car owner, if the owner doesnt say anything but lets you clean there is acceptance.

what are the 7 elements of a contract;

capacity

legal ability of a person to enter into a contract

1. Minors

    -anyone under age of 18 (unless emancipated-when a minor leaves parental control)

    -voidable at option of minior 

    -can get out (disaffirm) the contract;before 18 or a resonable time after

    -ratify at the age of 18 when the minor agrees to the terms of the contract (ratification- confirming the contract)

    -minor may be liable for the reasonable value for goods that are considered reasonable necessaries (clothing, shelter, food)

2. Drunks

    - contract can be either voidable or valid 

    - valid if they had sufficient capacity to understand the legal consequences of their actions

    - voidable so drunk that they could not understand their actions and must return all consideration 

3. Mentally incompetent 

   -can be void- if person is court determined to be mental incompetent by the court

   -can be voidable- if person is mental incompetent but not determined by court

   -valid if they understand the nature of the contract

   -valid if they are in a lucid state

what are the 7 elements of a contract;

consideration

value given in turn for a promise or a preformance

    -I give up something,you give up something

1. you must have present consideration, not past

2. it can be either:

   -promise (pre-existing duty doesnt count)

   -act

   -not to act (forebearence- refraining for something)

what are the 7 elements of a contract;

assent

-assent is voluntary consent.

-lack of assent is a defense to the contracts enforceability. due to (FM MUD);

1. fraud 

    -misrepresentation of a material fact (not opinion unless profession)

    -intent to deceive (sienter)

    -innocent party relied on

    -damages or harm

2. mistake

   -only a mistake of fact makes a contract voidable not a mistake of value

   *Bilateral mistake of fact- mutual mistake(both parties make the same mistake)

   *Unilateral mistake- only one person made the mistake- usually binding 

3. duress

   -use of threats to force a party to enter into the contract 

4. undue influence

    -a person of special relationship influences  preventing them to act on their own free will

5. innocent misrepresentation

    -a person makes a statement that they believe to be true.

    -harmed party can rescind the contract but usullay cant receive damages

what are the 7 elements of a contract;

legal

-must be for a legal purpose and not against public policy

-illegal acts are void

   -gambling

   -drugs

-public policy

   -anti-competitive agreements- agreement not to compete.

   -must be reasonable in both time and geographic restrictions

what are the 7 elements of a contract;

form

-contracts can be oral or in writing exception certain contract which fall within the statute of frauds must be in writting

    - contracts involving land

    - one year rule- may be oral if the contract be preformed in a year

- any promise in consideration of marriage must be in writing (prenuptial agreement)

-uniform commercial code (UCC)

     -writing contract for the evidence of a contract of sale of goods over $500 must be in writing.

-Parol Evidence Rule

     -last written agreement overrides all prior verbal agreements.

     -court needs to see that the contract is the complete and finial statement of their contract 

what are the 7 elements of a contract;

damages

monetary damages- difference between market price vs. contract price

1. Compensatory Damages

    -damages that compensate the injured parties to pay for their direct loss to make "them whole"

2. Incidental Damages

   -additional expenses cause by the directly loss (ex) moving expenses 

3. consequential  

    -foreseeable damages that the breaching party must know of

    -based on special circumstances of the contract (ex) because of the company not supplying our materials, we couldnt have our product ready to sell to our buyers.

equitable remedies

1. specific preformance

    - calls for the preformance of the act in the contract (what you said you would do). only granted when monetary damages arent adequate

    - ony used if the item in unique or rare. such as land or a rare coin or painting

1. Complete performance

    -party preforms exactly as agreed 

    -contract can define what is meant by complete preformance. 

2. Substantial performance

    -performance does not vary greatly from the performance promised. In good faith, they substanctially create the same benefits as those promised--> it is enforceable. 

    -(ex) bathroom sinks must be Kohler.--> industry standard

    - might be able to get some damages (partial damages)

    -reasonable persons standards

3. discharge of preformance

    -if there is a material breach the non-breaching party is excused from preforming their part and can sue for damages.

• to revoke a contract the the offeror must verbal communicate 
• while the offeree may accept of reject an offer at the time post marked 

unexcused failureto perform an obligation under a contract

• a breach that occurs as a result of repudiating a contract before the due date for performance
• nonperforming party must clearly communicate by words or behavior intention not to perform

• the transfer of a right from one party to another.
• person who transfers their rights-assignor
• person who receives the rights-assignee

specific performance ch 10

remedy for breach

• a court decree mandating a party to perfom in accordance with the contract 
• applicable to contracts for real estate since each parcel is unique

recission ch 10

remedy for breach

cancellation of a contract that results in parties being restored to the position they were in before contract was made

foreclosure ch 10

remedy

legal process where a nonbreaching party can obtain possession of real property and sell it to recover amount due

When you don't pay the bank what they lent you to buy the house, forclosure is the legal process they need to take based on their mortgage

damages-

liquidated damages ch 10

• amount of money stipulated in a contract that will be awarded in case of a breach
• amount must be reasonably calculated to approximate actual damages (not be a penalty)