WEEK 3 DISCUSSION RESPONSES
NAME:
INSTITUTION:
DATE:
Discussion 1 responses
Emily Drummond,
A valid contract should be acceptable to both parties and involves the establishment of an agreement. For a contract to be valid, it should be signed, and all terms of the contract described. In real estate businesses, a valid contract should be developed to avoid conflicts and also illegal deals. An option is a form of contract where the property owner agrees to put on hold to current see after being paid a consideration fee (Hobkirk, 2017). This is helpful as it allows an individual to seek enough money or investigate the suitability of the property to their use. As you stated, a valid contract should be supported by an offer, consideration, and acceptance. These are some of the components of a valid contract, and the contract must be signed by both contracting parties. The buyer should also pay consideration (money or services) to the owner for them to agree to an option contract.
References
Hobkirk, A. (2017). ESSENTIAL ELEMENTS OF A VALID CONTRACT. Company Administration Handbook, 205. Retrieved from: https://www.google.com/search?q=Hobkirk%2C+A.+(2017).
Deshonta Meares,
Thank you for the informative post. You fostered a more understanding of the validity of contacts. Brady and Jackson should establish a clear understanding of the terms and conditions of the contract. Due to the changes made in the property, I think it would only affect the validity of the contract if the principle of acceptance is bridged. The essential factors that should be considered before establishing contract are the general state of the property, over for repairs, and the terms and conditions of the option (Oppenheimer, 2016). Option contracts are becoming common, and all parties should be ken to establish legality by developing a written and signed document. Besides, offer, acceptance, consideration, and all factors accounted for. Brady can indeed use the changes as an opportunity to sell the property to another person, but the power of acceptance would hinder him. Jackson is in control, and the bridge of contract will warrant compensation fo the consideration paid.
References
Oppenheimer, P. H. (2016). A critique of using real options pricing models in valuing real estate projects and contracts. Briefings in Real Estate Finance: An International Journal, 2(3), 221-233. Retrieved from: https://onlinelibrary.wiley.com/doi/abs/10.1002/bref.69
Discussion 2
Deshonta Meares,
Adverse possession of property gives squatters the right to legally own abandoned property after meeting their states’ jurisdiction ordinances (Barnet, 2016). In this case, what gives Bunyan more right to secure the title of Lester’s property is satisfying the conditions of adverse possession. These include continuous use for 21 years, publicly using the property, and presence of evidence of use. He has also used the property appropriately and without the knowledge of the owner. Even though Lester paid taxes for the past 21 years, h failed to visit his property and establish its state. I could just that even though he losses ownership, he should be compensated by Brunyan. If the property were converted to a dump yard, h would have been charged by the public and social health department. It is, therefore, important to closely monitor the property to avoid conflicts. Real estate property owners should always establish the state of their property, repair damages, and if they can’t access their property always, they should hire someone to manage it for them.
References
Barnet, T. (2016). The Uniform Registered State Land and Adverse Possession Reform Act, A Proposal for Reform of the United States Real Property Law. Buff. Envtl. LJ, 12, 1. Retrieved from: https://heinonline.org/HOL/LandingPage?handle=hein.journals/bufev12&div=7&id=&page=
Emily Drummond,
Thank you for the informative post. You have clearly described and elaborated on the factors considered in establishing adverse possession of the property. What I can not understand, why does it not give owners more rights in reclaiming their property?. It does not take into the reason for property abandonment, which puts Lester at a more disadvantageous position. Brunyan is deemed as the rightful owner due to continuous property use open and appropriate manner. Even he did not establish a building, it is clearly seen and recognized to neighbors that he is the owner, and it is unfair to eject him. The Arkansas requirement of the adverse property includes continuous ownership, notoriety, actual and hostile possession, and exclusive possession (Gardiner, 2017). The squatter must be the sole trespasser in the property; otherwise, no title would be granted.
Reference
Gardiner, B. (2017). Squatters’ rights and adverse possession: a search for the equitable application of property laws. Ind. Int’l & Comp. L. Rev., 8, 119. Retrieved from: https://heinonline.org/HOL/LandingPage?handle=hein.journals/iicl8&div=9&id=&page=