Title Covenants For - Law Dictionary Search Results
Home Dictionary Name: title covenants for Page: 5Rescission
Rescission, annulment or destruction. A general term for the repudiation and annulment of any contract or transaction: see (English) Sale of Goods Act, 1893. A contract for the sale of real estate very commonly contains a power for the vendor to rescind the contract if the purchaser makes or insists upon any objection or requisition which the vendor is unable or unwilling to comply with; but see ss. 42 and 45 of the Law of Property Act, 1925, precluding the vendor from rescinding in certain cases, and this facility will not assist the vendor in case of a serious defect in title or substantial mis-representation, see Re Hardick Co. v. Lipski, (1901) 2 Ch 666. Where a purchaser rescinds under a power in the contract he has a lien for his deposit, Whitbread & Co. v. Watt, (1902) 1 Ch 835, but before 1926 the purchaser in the absence of mis-representation was precluded from recovering his deposit if he chose to rescind upon an objection which he was precluded by statute from taking under a...
Open contract
Open contract, a complete contract of which the meaning admits the implications of law without special conditions, or except so far as such conditions may modify these implications, as a contract to sell land without mentioning the day for completion of the purchase, or without stipulations as to title or otherwise. See Vendor and Purchaser Act, 1874, ss. 1, 2; Conveyancing Act, 1881, s. 3, reproduced with amendments by ss. 44 and 45, Law of Property Act, 1925. See CONTRACT FOR SALE OF LAND....
conversion
conversion 1 a : the act of changing from one form or use to another b : the act of exchanging one kind of property for another ;esp : the act of exchanging preferred stocks or bonds for shares of common stock of the same company usually at a preset ratio or price and at a preset time equitable conversion : the constructive conversion of real property into personal property esp. as a result of a contract for sale of land or testamentary instructions to sell real estate and divide the proceeds NOTE: Equitable conversion is a legal fiction under which the seller of a real property becomes, upon the execution of a contract for the sale of the property, the owner of personal property in the form of legal title to the property that secures payment of the purchase price. The purchaser is deemed to be the holder of equitable title in and owner of the real property, having the rights and being subject to the liabilities that attend that status. In the case of a will in which a property ...
Breach of warrantee
Breach of warrantee, means a breach by a seller of the terms of a warrantee (as by the failure of the goods to confirm to the seller's description or by a defect in title); A seller may be liable for a breach of warrantee even without any negligence or misconduct; failure without excuse or justification to fulfil one's obligations under a contract - called also breach of contract, Webster's Dictionary of Law, Indian Edn. (2005), p. 59.Means a breach of an express or implied warrantee relating to the title, quality, content, or condition of goods sold, Black Law Dictionary, 7th Edn., p. 183....
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Vendor and Purchaser Act, 1874
Vendor and Purchaser Act, 1874 (English) (37 & 38 Vict. c. 78), as amended by the (English) Land Transfer Act, 1875, was repealed by the (English) Law of Property Act, 1925. It provided (inter alia) that in the completion of any contract of sale of land, made after the 31st December, 1874, and subject to any stipulation to the contrary in the contract, forty years was to be substituted for sixty years as the period of commencement of title which a purchaser may require, saving those cases in which an earlier title than sixty years might formerly have been required (s. 1); replaced with the substitution of thirty yeas for forty by s. 44 (1), (English) L.P. Act, 1925. See ABSTRACT.The Act also provided that documents twenty years old should be prima facie proof of facts stated in them (s. 2). This has been replaced by s. 45 (6), (English) L.P. Act, 1925....
Covenant, writ of
Covenant, writ of (abolished by 3 & 4 Wm. 4, c. 27, s. 36), a writ for claiming damages for breach of covenant,superseded by the action of covenant where the damages were unliquidated and by the actionof debt where liquidated; both of these forms of action havenow been abolished. See ACTIONS and preceding title....
Public policy
Public policy, connotes some matter which concerns public good and the public interest. Expression does not admit of precise definition. Concept of 'public policy' is considered to be vague, susceptible to narrow or wider meaning depending upon the content in which it is used, Oil and Natural Gas Corporation Ltd. v. Saw Pipes Ltd., AIR 2003 SC 2629.Public policy, connotes some matter which concerns the public good and the public interest, Central Inland Water Transport Corporation Ltd. v. Broja Nath Ganguly, AIR 1986 SC 1571; Shri Parsar v. Municipal Board, (1997) 1 WLC 443.Public policy, demands that where fraud might have been contemplated but was not perpetrated, the defendants should not be allowed to perpetrate a new fraud. If the illegality of the transaction is trivial or venial and the plaintiff is not required to rest his case upon that illegality, then public policy demands that the defendant should not be allowed to take advantage of the position, Kedar Nath Motani v. Prahla...
Forgery
Forgery [fr. forger, Fr.; or fingo, Lat.], the crimen falsi, or the false making or alteration of an instrument, which purports on the face of it to be good and valid for the purposes for which it was created, with a design to defraud. The forged instrument must be false in itself. The mere subscribing a note, given as the party's own, by a fictitious name, was held not to be forgery, Reg. v. Martin, (1879) 5 QBD 34.The act of fraudulently making a false document or altering a real one to be used as if genuine, Black's Law Dictionary, 7th Edn., p. 661.Forgery at Common Law was a misdemeanour but most forgeries have been made felony by statute. Many of these statutes were consolidated by 11 Geo. 4 & 1 Wm. 4, c. 66, repealed and replaced by the Forgery Act, 1861 (24 & 25 Vict. c. 98), but the law now principally depends on the Forgery Act, 1913 (3 & 4 Geo. 5, c. 27, 'an Act to consolidate, simplify and amend the law relating to forgery and kindred offences.' It repeals such portions of s...
closing
closing : the fulfillment or performance of a contract esp. for the sale of real estate ;also : a meeting at which the closing of a contract takes place [represented us at the ] NOTE: At the closing for the completion of the sale of real property, the purchase price is paid and title is transferred to the purchaser or mortgagor. ...
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