NJ (NEW JERSEY) BAR Exam (Comprehensive FINAL EXAM Study Guide) 4) Release
5)
6) Abandonment
7) Merger
8) Prescription
5) Expiration -> set term expiration
39 Land Sale Contract - SOF Requirements: 1) Writing
2) Party intended to be bound
3) Articulate essential terms
--consideration to be paid
--Description of the land
40. 6 Covenants for Title - Property: Present
1) Seisin - Title & Possession
2) Right to convey
3) Encumbrances
Future
1) Quiet Enjoyment - won't be disturbed by 3rd party
2) Warranty
3) Further assurances -
41. Redemption in Equity - Property: 1) anytime prior to
foreclosure sale, mortgagor can redeem property by paying
amount due
42. Contingent Remainders - Property: 1) Condition
precedent to the future interest becoming possessor
*to A for life, then to B and heirs when B gets married*
2) Future Interest vests in an unascertained taker
*To A for life, then to B's heiRS*
*iF B Is alive upon conveyance, remainder is contingent b.c he is
of B cannot yet be ascertained*
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43. Indefeasibly Vested Remainder - Property: Becomes
possessor immediately upon termination of the prior estate
44. Vested Remainder subject to total divestment -
Property: subject to condition subsequent, such that remainder
man could be divested after taking possession
*to A for life, remainder to B; but if B weds, to C*
45. Vested Remainder subject to open - Property: Remainder
vested in described class of takers, at least one of who is cable of
taking possession
46. Springing Executory Interest - Property: Cuts short the
interest of the grantor or his heirs
*to A, if and when he gets married*
47 Shifting Executory Interest - Property: Always follows
defeasible fee
*To A and his heirs, so long as property is used for storage. But if
used for any other purpose, to B and his heirs*
48. Open Price - Contracts: UCC -- A lot of gap fillers, Court will
read in
Common Law -- As definite as possible
49. Irrevocable Offer - Contracts: 1) Option K (paid for)
2) Firm Offer
--merchant promises in signed writing to keep offer open (not just
promise to sell something)
2) Foreeseeable reliance
4) Start performance of Unilateral K
--mere preparation isn't enough
50. Terms of a K - Contracts: Common law --> Mirror image rule
Sale of Goods
-Both parties are merchants
-not a material change
-no objection within reasonable time
51. Contract Modification - Contracts: Common Law -- Pre-existing
duty rule
--if ask for more $/different outcome --> consideration
*good faith/reasonable* = enough for consideration
Sale of Goods -- Good faith
-good faith & reasonable
52. Time-Barred Debt Consideration - Contracts: Written promise
to pay debt.
collection which is barred by SOL, is enforceable even without 53.
Partial Debt Payment due & Undisputed: No consideration
*owe someone money, orally agree to pay less, they can still
come after you for full*
54. Unconscionability - Contracts: Unfair surprise &
Oppressive Terms judged at the time the agreement was made
55. Surety - Contracts: promise to answer for another debt -->
not a mere promise to pay
*usually wrong answer choice*
56 Satisfy SOF - Contracts: Sale of Goods
1) Quantity
2) Signed by party to be charged
Common Law
1) All material Terms
2) signed by Defendant
57. Merchant Confirmatory Memo - Contracts: (takes out of
SOF)
1) Both parties are merchants
2) Writing claims agreement & Quantity/essential terms
3) No written objection within 10 days
58. Conduct as source of terms - Contracts: 1) Course of
Performance --prior installments
2) Course of Dealing--prior contracts
3) Usage of Trade
59. Risk of Loss in Sale of Goods - Contracts: 1) Agreement 2)
Breach
3) Common Carrier Case
--Shipment K: Buyer bears risk when get to carrier --Destination
K: Seller bears till buyer receives
4) Non-Carrier Case:
--Merchant Seller: Until Pickup
--Nonmerchant Seller: Tender goods
60. Buyer Damages if Seller Breaches - Contract: 1) Cover -
buy something else and get difference
2) Market Damages
-Market $ - K $
-Used if buyer doesn't cover in good faith/or at all
3) Loss in value
-Used if buyer keeps nonconforming goods
61. Seller Damages if Buyer Breaches - Contract: 1) Resale
Damages 2) Market Damages