LAW 703 Lecture Notes - Lecture 4: Affidavit, Uptodate, Fiduciary
LAW703 – Lecture 4
12/2/2018
Chapter 1 - Real Estate Transactions
Initial Stages of the Transaction
Real Estate Agent
oSellers listing Agreement/ Sellers Representation Agreement
oBuyers Representation Agreement
oMultiple Representation
Seller Property Information Statement
S. 4 Statute of Frauds – “No action shall be brought .... to charge any person upon any contract
or sale of lands, tenements or hereditaments, or any interest in or concerning them, unless the
agreement upon which the action is brought, or some memorandum or note thereof is in
writing and signed by the party to be charged therewith or some person thereunto lawfully
authorized by the party”
Contracts for sale of land must be in writing and signed.
Exception: Doctrine of Part Performance
Deglman V Guaranty Trust – 5 elements (Page 25)
1. Allege oral contract
2. Show part performance of alleged contract by person alleging contract
3. Show detriment to person alleging contract by part performance
4. Show part performance is referable and consistent with alleged contract for land and
5. Prove contract by parol evidence, part performance and any other means
Cases for Statute of frauds and Doctrine of Part Performance:
Deglman V Guaranty – aunt orally promised an investment property if nephew did
chores and ran errands.
Taylor V Rawana – oral agreement between two friends – page 35
Erie Sand and Gravel V. Tri-B Acres – Page 25
o4-part test
Ad Idem – page 36
all essential terms must be agreed upon between parties for an enforceable contract.
Hunter V Baluke
Mental Incompetence
A contract may not be enforceable if one of the parties was mentally incompetent or
drunk or otherwise lack capacity.
Test: party trying to avoid contract must prove
He/She was mentally incompetent
Other party to the contract had actual or constructive knowledge of MI
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Real estate agent: sellers listing agreement/ sellers representation agreement, buyers representation agreement, multiple representation. Contracts for sale of land must be in writing and signed. Cases for statute of frauds and doctrine of part performance: Deglman v guaranty aunt orally promised an investment property if nephew did chores and ran errands. Taylor v rawana oral agreement between two friends page 35. Erie sand and gravel v. tri-b acres page 25: 4-part test. Ad idem page 36 all essential terms must be agreed upon between parties for an enforceable contract. A contract may not be enforceable if one of the parties was mentally incompetent or drunk or otherwise lack capacity. Test: party trying to avoid contract must prove. Other party to the contract had actual or constructive knowledge of mi. Decision: agreement was binding page 42. Decision: force mentally ill unit owner to sell and move out. No duty to negotiate a contract in good faith.
