Language in a deed that describes the extent of the estate being conveyed by the grantor to the grantee is the:
a. Habendum clause
b. Granting clause
c. Power of sale clause
d. Conveyance clause
A
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Answer the following statements true (T) or false (F)
1. Trusts can only be created as a stand-alone document. 2. All trusts, once put into effect, may not be altered or amended. 3. The five elements that are required for a valid trust are: a trustor, a trustee, trust property, beneficiaries, and trust purpose. 4. If a trust does not have all five elements to make the trust valid, the trust will fail and property will be distributed through a residuary clause or by intestate succession.
?A contract cannot exist without a writing.
Answer the following statement true (T) or false (F)
a. guardian b. capacity c. minor d. ratification e. void contract f. disaffirmance g. alien h. voidable contract i. affiant j. non compos mentis ? Method of rejecting a contract.?
Fill in the blank(s) with the appropriate word(s).
The term “rule of thumb” derives from the common-law rule that ___________________________.
Fill in the blank(s) with the appropriate word(s).