1. Oscar owns a vacant lot in fee simple. Oscar lives in Europe and rarely visits...
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1. Oscar owns a vacant lot in fee simple. Oscar lives in Europe and rarely visits the lot. Adam, the neighbor next to the lot, takes possession of the lot. He constructs a fence around the lot. mows the grass, and parks his truck on the lot. The statute of limitations for adverse possession in the state where the lot is located is 10 years. Adam possesses the lot for 8 years and sells it to Bob. Bob possesses the lot in the same manner as Adam for 5 years. Oscar returns from Europe after Bob has possessed the lot for 5 years, dis- covers Bob on the lot, and sues him for trespass. Bob defends on the grounds that he is the owner of the lot by adverse possession. Who wins? Dis- cuss the factors that will determine ownership of the lot. 2. Aaron transfers to Bob a life estate in a house with the remainder to Carol. Carol dies before Bob. On Bob's death, will the property go to Aaron or to Carol's heirs? 3. Aaron transfers a life estate to Bob for the life of Carol with the remainder to David. What inter est does Carol have in the property? If Bob dies before Carol, who owns the property until Carol's death? 4. Aaron transfers property to Bill for the life of Carol, then to David. Bill sells his life estate to Susan. Carol dies before Bill. Until Bill's death, who owns the property? 5. Adam has entered into a contract to sell his home to Barbara. The home features a hot tub on its rear deck, a beautiful chandelier in the dining room, and a built-in home entertainment center in the den. These special features, among others, persuaded Barbara to enter into a con- tract to buy the home from Adam. The contract is not carefully written and does not expressly require Adam to sell these three items to Barbara. The contract only mentions that Adam will sell the home and all fixtures to Barbara. At the time the ownership of the home is to be transferred to Barbara, Adam takes the position that the spa, chandelier, and home entertainment center are not part of the sale. Can Barbara require Adam to sell these items to her pursuant to the con- tract? What are the main issues involved in such a determination? 6. Susan owns a home on a lot located at the top of a hill. Dennis owns a home on a lot located at the bottom of the hill. When it rains, the rainwater naturally flows to the bottom of the hill and at times floods Dennis's property. In an attempt to prevent flooding, Dennis builds an earthen dam at the boundary of his lot. Now when it rains the rainwater flow is stopped by the dam, backs up, and floods Susan's property. Susan sues Dennis for damage caused by the dam and the flooding. Can Susan recover from Dennis? Explain your answer. 7. Anne owns a fee simple absolute estate in a par- cel of real property. Anne sells the real property to Christian Walker. Anne transfers ownership to Christian by deed conveyance and in the deed states the grantee is "Christian G. Walker." What estate will Christian own in the real prop- erty after the conveyance? Briefly explain your answer. 1. Oscar owns a vacant lot in fee simple. Oscar lives in Europe and rarely visits the lot. Adam, the neighbor next to the lot, takes possession of the lot. He constructs a fence around the lot. mows the grass, and parks his truck on the lot. The statute of limitations for adverse possession in the state where the lot is located is 10 years. Adam possesses the lot for 8 years and sells it to Bob. Bob possesses the lot in the same manner as Adam for 5 years. Oscar returns from Europe after Bob has possessed the lot for 5 years, dis- covers Bob on the lot, and sues him for trespass. Bob defends on the grounds that he is the owner of the lot by adverse possession. Who wins? Dis- cuss the factors that will determine ownership of the lot. 2. Aaron transfers to Bob a life estate in a house with the remainder to Carol. Carol dies before Bob. On Bob's death, will the property go to Aaron or to Carol's heirs? 3. Aaron transfers a life estate to Bob for the life of Carol with the remainder to David. What inter est does Carol have in the property? If Bob dies before Carol, who owns the property until Carol's death? 4. Aaron transfers property to Bill for the life of Carol, then to David. Bill sells his life estate to Susan. Carol dies before Bill. Until Bill's death, who owns the property? 5. Adam has entered into a contract to sell his home to Barbara. The home features a hot tub on its rear deck, a beautiful chandelier in the dining room, and a built-in home entertainment center in the den. These special features, among others, persuaded Barbara to enter into a con- tract to buy the home from Adam. The contract is not carefully written and does not expressly require Adam to sell these three items to Barbara. The contract only mentions that Adam will sell the home and all fixtures to Barbara. At the time the ownership of the home is to be transferred to Barbara, Adam takes the position that the spa, chandelier, and home entertainment center are not part of the sale. Can Barbara require Adam to sell these items to her pursuant to the con- tract? What are the main issues involved in such a determination? 6. Susan owns a home on a lot located at the top of a hill. Dennis owns a home on a lot located at the bottom of the hill. When it rains, the rainwater naturally flows to the bottom of the hill and at times floods Dennis's property. In an attempt to prevent flooding, Dennis builds an earthen dam at the boundary of his lot. Now when it rains the rainwater flow is stopped by the dam, backs up, and floods Susan's property. Susan sues Dennis for damage caused by the dam and the flooding. Can Susan recover from Dennis? Explain your answer. 7. Anne owns a fee simple absolute estate in a par- cel of real property. Anne sells the real property to Christian Walker. Anne transfers ownership to Christian by deed conveyance and in the deed states the grantee is "Christian G. Walker." What estate will Christian own in the real prop- erty after the conveyance? Briefly explain your answer.
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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