Q. 13. The buyer will prevail X The seller will prevail □ Q. 14. The Buyer waives all claims of unmarketable title unless s/he raises them prior to accepting delivery of the deed. Q. 15. YES X NO □ Q. 16. Death does not terminate a P & S unless both parties agree. YES Q. 17. X NO □ Q. 18. The $300,000 will have to be used to satisfy the purchase obligations under the P & S because there was no mortgage contingency clause (and because a bank wouldn’t give a mortgage to a dead person in any event). Then the real estate will pass to H because equitable conversion makes the buyer’s interest real estate. Q. 19. The buyer will prevail X The seller will prevail □ Q. 20. In Multistate law, upon equitable conversion the risk of loss passes to the buyer. Buyer must purchase without any deduction. Q. 21. X YES NO □ Q. 22. The contract essentially abrogates the equitable conversion doctrine by expressly keeping the risk of loss on the seller; he must deliver in the same condition (which he didn’t do here). Q. 23. X YES NO □ Q. 24. doesn’t follow the multistate rule of equitable conversion. Instead, the risk of loss remains with the seller unless the buyer takes possession.
Q. 13. □ The buyer will prevail X The seller will prevail Q. 14. The Buyer waives all claims of unmarketable title unless s/he raises them prior to accepting delivery of the deed. Q. 15. □ YES X NO Q. 16. Death does not terminate a P & S unless both parties agree. Q. 17. □ YES X NO Q. 18. The $300,000 will have to be used to satisfy the purchase obligations under the P & S because there was no mortgage contingency clause (and because a bank wouldn’t give a mortgage to a dead person in any event). Then the real estate will pass to H because equitable conversion makes the buyer’s interest real estate. Q. 19. □ The buyer will prevail X The seller will prevail Q. 20. In Multistate law, upon equitable conversion the risk of loss passes to the buyer. Buyer must purchase without any deduction. Q. 21. X YES □ NO Q. 22. The contract essentially abrogates the equitable conversion doctrine by expressly keeping the risk of loss on the seller; he must deliver in the same condition (which he didn’t do here). Q. 23. X YES □ NO Q. 24. doesn’t follow the multistate rule of equitable conversion. Instead, the risk of loss remains with the seller unless the buyer takes possession.
2011%20Exam.%20Answers%20to%20Part%201.docx