Real Estate Principles Chapter 8
The statute of limitations for breach of an oral contract in California is
2 years
The statute of limitations for fraud in California is ... years from the date the fraud was discovered?
3 years
The statute of limitations for trespassing in California is ... years from the date the trespass is discovered?
3 years
The statute of limitations for breach of written contract in California is
4 years
The statute of limitations for adverse possession in California is
5 years
Which of the following is an example of a defense for non-performance
Statute of limitation Discharge of an obligation Mutual mistake
Which of the following contracts must be in writing
The sale of personal property valued over $500 Agreement to answer for the debt of another Transfer of interest in real property
Anticipatory repudiation is also known as
anticipatory breach
When a breach occurs before performance is due as a result of one party's unequivocal intention not to substantially perform, it is known as
anticipatory repudiation
Those whom property or interests therein shall have been transferred to as
assignees
A transfer of benefits and obligations within a contract to a 3rd party who is not originally a part to the contract is known as
assignment
One who assigns or transfer property is referred to as a/an
assignor
Valid contacts must have which of the following
consideration
Legal remedies are also called
damages
The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default or another is referred to as
damages
The ability to sue for the enforcement of the contract is known as
enforceability
Remedies for the purpose of "fairness and justice" are referred to as
equitable remedies
An equitable proceeding brought by a third party acting in the capacity of a stake holder wherein there are rival claimants to the same money and/or property requesting the court to determine such properties disposition is known as
interpleader
the substitution or exchange of a new obligation or contact for an old one by the mutual agreement of the parties is known as
novation
Mutual relationship to the same rights of property or contractual relationship is known as
privity
The relationship which exists between the persons who are parties to a contract is known as
privity of contract
A mutual or successive right or interest in the same real property is known as
privity of estate
Damages simply for the purpose of punishment are known as
punitive damages
The legally justified cancellation and/or renovation of a contract and the return of the parties back to their original position is known as
rescission
An action to compel performance of an agreement is known as
specific performance
The sale of land as an alternative to damages or rescission is an example of
specific performance
A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as
statute of frauds
A mutual rescission usually occurs when which of the following happens
there is a mistake in the contract
Contract that cannot be performed within 1 year of acceptance must be in writing
true
There are two types oof rescission, mutual and unilateral?
true
