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When a party to a contract claims that a material adverse change had occurred and refuses to complete the transaction on that ground, the other party may disagree and litigation may ensue. One notable example of this was the planned acquisition of SLM Corporation (formerly known as Sallie Mae ) by a group including Bank of America and JPMorgan ...
In real property law, the term real covenants means that conditions are tied to the ownership or use of land. A "covenant running with the land", meeting tests of wording and circumstances laid down in precedent, imposes duties or restrictions upon the use of that land regardless of the owner.
In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale.
A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract. They are at cross purposes. There is a meeting of the minds, but the parties are mistaken. Hence the contract is voidable. Collateral mistakes will not afford the right of rescission. A collateral mistake is one that ...
A Treatise on the Law and Practice Relating to Vendors and Purchasers of Real Estate. Cornell University Library. ISBN 978-1-112-59867-8. Jarman, Thomas (1893). A Treatise on Wills (5 ed.). Lewin, Thomas (1904). A Practical Treatise on the Law of Trusts (2 ed.). Pollock, F. (1904).
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The Moss-Rouse Company was founded as a FHA mortgage company with a loan from Hunter Moss's sister. Rouse leveraged his knowledge as loan guarantee specialist at the Federal Housing Administration to establish a Baltimore-based mortgage company specializing in FHA backed loans.
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