NJ (NEW JERSEY) BAR Exam (Comprehensive FINAL EXAM Study Guide)

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* 11 / 55 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