Chapter 8

The statute of limitations for fraud in California is ......... years from the date the fraud was discovered?

3

The statute of limitations for trespassing in California is .......... years from the date the trespass is discovered?

3

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

Those whom property or interests therein shall have been transferred are referred to as...?

assignees

Damages simply for the purpose of punishment are known as...?

punitive damages

The legally justified cancellation and/or revocation 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

Legal remedies are also called...?

damages

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as...?

assignment

Which of the following is an example of a defense for non-performance...?

statute of limitation discharge of an obligation mutual mistake

Contracts that cannot be performed within 1 year of acceptance must be in-writing...?

true

The statute of limitations for breach of an oral contract in California is...?

2 years

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

Valid contracts must have which of the following...?

consideration

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 of another is referred to as...?

damages

The ability to sue for the enforcement of the contract is known as...?

enforceability

The substitution or exchange of a new obligation or contract 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

A mutual or successive right or interest in the same real property is known as...?

privity of estate

The relationship which exists between the persons who are parties to a contract is known as...?

privity of contract

The sale of land as an alternative to damages or rescission is an example of...?

specific performance

A mutual rescission usually occurs when which of the following happens...?

there is a mistake in the contract

There are two types of rescission, mutual and unilateral...?

true

The statute of limitations for adverse possession in California is...?

4 years

The statute of limitations for breach of a written contract in California is...?

4 years

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

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

One who assigns or transfers property is referred to as a/an...?

assignor