Section 1
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Repudiation (Anticipatory Breach)
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Last updated
6 years ago
Date created
Mar 1, 2020
Cards (54)
Section 1
(50 cards)
Repudiation (Anticipatory Breach)
one party in advance of time of performance notifies innocent party that they will not perform under contract
right of preemption
A right to purchase before others
Option agreement
A contract, with consideration, given to a potential purchaser of a property, giving him or her the right to purchase at a future date. If he or she chooses not to purchase, the deposit to the seller is forfeited.
Civil Law Suite
complaint - statute of limitations 15 years
U. S Constitution
adopted 1789 - defines relationship between Fed and State governments
Contract
a legally binding promise
Heirachy of courts
county with small claims, municipal with small claims, common pleas 1 each distric, Ohio court of appeals 12 districts, Ohio Supreme Court
Stare Decisis
legal doctrine requares a judge to follow precedent to make the law consistent - Doctrine of Stare Decisis means the judges decision in a specific case can become the rule of law for all decisions
Accord and Satisfaction
an agreement made and executed in satisfaction of the rights one has from a previous contract
Net Lease
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
mutual agreement
when all parties agree to the terms of the contract
tender offer
unconditional offer by one party to perform his part of the contract; if a party to a contract sees that the other party is not taking the steps necessary to fulfill the contract he must offer to perform his side of the deal before suing for breach of contract
Equitable Remedy
usuallu involves an injunction
Vendee
buyer
Tenancy in Common
A form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. Right of partition.
Pretrial discovery
use of depositions and interrogatories to learn about facts - interrogatories are written questions instead of deposing
Material Breach of Contract
Occurs when performance is not substantial. Non-breaching party is excused from performance and entitled to damages.
vendor
seller
Property
something that is owned, real or personal tangible or intangible - includes rights of ownership in that thing.
Land Lease
A land lease--also called a ground lease--is a lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent.
Tendering Performance
An unconditional offer by one party to perform his part of a contract
Punitive Damages
damages exceeding simple compensation and awarded to punish the defendant. usually involving tort or fraud
Specific Performance
A court-ordered equitable remedy requiring a party to perform a certain act, often - but not always - as a result of breach of a contract. A court cannot force someone to work for someone or employ someone,
Substantial Performance
Occurs when one party fulfills enough of its contract obligations to warrant payment
Case Law
Rules devloped in court decisions
An option to buy a single family home
Does NOT have to be in writing per Ohio's statute of frauds
Doctrine of Part Performance
An exception to the statute of frauds; we will enforce land sale even though contract was not in writing. Two requirements must be met: (1) Oral contract must be certain and clear; and (2) the acts of partial performance must clearly prove up the existence of contract.
Summons
notice of a lawsuit - service of process - defendant has 28 days to answer
Ohio Constitution
adopted 1802 - opens with a bill of rights allowing everyone to acquire property - then goes into government structure
Genuine Assent
the knowing, voluntary, and mutual approval of the terms of a contract by each party; required for a contract to be enforceable
Contingency Clauses
specify that certain conditions must be satisfied before a contract is binding
Percentage Lease
One that bases the amount of rent on a percentage of the sales generated in the space.
Settlement
defendant pays something for plaintiff to drop lawsuit
Compensatory Damages
A monetary award equivalent to the actual value of injuries or damage sustained by the aggrieved party.
Recision
an act of canceling or voiding; may involve going to court - cancellation can avoid court
Novation Contract
a substituted contract to which the promisee is a party, which substitutes a new promisor for an existing promisor, who is consequently no longer liable on the original contract and is not liable as a delegator
Legal remedy
damage awared of $
Municipal Courts
$15K or less - cleveland court has special power to hear actiosn for recovery of real property
Gross Lease
Tenant pays rents, landlord pays all expenses of property; most common form of residential lease
Court of Common Pleas
Cases in excess of $15K; State of OH divided into 12 appelate districts - when districts develop conflicting decisions then refered to Ohio Supreme Court
Parole Evidence Rule (PER)
evidence concerning oral negotiations that conflict with the written contract - court will not accept
Land Contract ohio
must be recorded within 20 days of execution Names and address of all parties. Date each party signed in front of a notary public. Legal description of the property. Price of the property. Charges or fees for services separate from the contract price. Down payment amount. Principal amount owed. Amount and due date of each payment. Interest rate and method of computing the interest rate. Encumbrances against the property. Requirement that the vendor deliver a general warranty deed. Requirement that the vendor provide evidence of title. Provision for vendor's default. Requirement that the vendor record the contract.
Mistake
when one or more parties in a contract were mistaken about a fact of law
Chain of Title
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title. going back 40 years
Criminal litigation
government sues and individual to protect society
Tort
breach of the standards of reasonable conduct imposed by law that causes harm to another person - allowing the right to sue
Fraud
the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment
Undue Influence
Unfair and improper persuasive pressure within a relationship of trust
Duress
(n.) compulsion by threat; forcible confinement
Lgislative process
senate and House of R introduce a bill - then legislative committed reviews and edits then president can approve or veto - overridden by congress
Section 2
(4 cards)