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Short Answers and Property Law Mini-Project

Short Answers

1. Consideration as defined in contract law is a pledge, restraint, or a presentation that is reached through bargaining and can be legally recognized. This is made legal through the exchange of legal documentation between the parties involved.

2. The objective theory of contract says that the formation of a contract is dependent on the information shared between the parties of the contract and not what is merely deliberated. The significance of external acts of a party to the agreement is used to determine its legality.

3. NO. I cannot accept the offer because a camera is a depreciating asset so we have to discuss further on the current state of the camera then come up with a new agreement. It is a past consideration

4. (a). The consideration is not adequate. This is because the Promisor has not definitely promised to pay for the work that will be done. The promise lacks date and time of settlement. The Promisor has an option to cancel the clause due to lack of legal documentations to protect the promise.

    (b). The consideration is not adequate enough for the agreement to become valid. This is because of the promise made has no legal backing. The Promisor may decide to withdraw the promise. The condition factor stated as ‘I think’ if the student is not bright, then what?

5. Under agency law, Arnold is a principal. He uses agents to be able to deliberate on his duties. Erin is an agent, because work she does is through someone, and has no direct links within the company. The employee in the description is Dave, he is handled with the person who has hired him and is directly involved in company’s day to day business. The independent contractor from the description is Fred. The company, he is working with, does not control him.

Property Purchasing

This paper describes a property purchasing procedure for a specified description and qualification. This procedure is supposed to be legal and satisfy me as the correct property I had in mind. This description is based on a property located in the outskirts of the city of Colfax located in Whitman County. This paper intends to carry out scrutiny and ascertain if the property satisfies the location requirements and it has all the needed legal documentations to effect the transaction completely.

The above named property was assessed and found to have all the necessary location requirements. It is next to a town, infact in the neighborhood of the town. The level of properties’ development is exactly what is required for the needed business venture. It has very limited structural development and the correct topographical settings that are required. There are tree plantations, wheat plantations, pasture and a few buildings that are restricted with one area of the property. This gives it the needed rural-like setting.

The property has a direct connection to a major highway heading to the city. This is also another qualification that is required. The location and highway access fully satisfies the plan of starting a In-n-Out Burger stand. This merits the second requirement. It has vast land area that can accommodate five horses, three herding dogs and two lamas. It is also very beautiful and the house is fully furnished and well equipped. It has merited the outlook needed to proceed to the next step. The procedure of property purchase.

Now this step involves initializing the purchase. This will be done by official forwarding of a request to the owner of the property. It would state that the property has found an interested purchaser. The fee offered is accepted for him and he would like to carry out title search to confirm if the one claiming to be the owner of the property is the real owner. Since this property has such a high value this has to be done comprehensively. If the seller accepts, the necessary search is initiated once a contract is formed with the help of an attorney to take care of the legal matters around the property purchasing. Then the authenticity of  the title of the property and its owner will be examined. If it is found to be genuine, it is insured. Insurance protects against defective titles.

Once that has been effected, the financial settlement kicks in. Here the purchaser through a title company, agrees with the property owner on the sale. The title company is given the purchase funds and the title and the procedure of purchase starts. At this point, an agreement between the property owner and the purchaser concerning the mortgage is signed where the mortgage is transferred to the new property owner. The sale agreement is also signed stipulating all the conditions that are to be fulfilled for complete transfer of the property. The title company gets a copy of the agreement and implements it to completion of the contract.

With no other pending maters, the title company transfers the deed to the purchaser and the proceeds of the sale to the property seller. Once the title has been given to the purchaser of the property, ownership records are now updated to the new owner. This involves recording of the deeds to protect the purchaser from fraud, followed by legal names of the Grantor and Grantee forwarded to properties and lands registry of the federal government. At this point the grantor’s signature is needed. Finally, the title is released to the new owner with the new owner’s identities. This completes the transaction.

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