When a Purchaser Takes a Property "Subject To" an Existing

question 14

True/False

When a purchaser takes a property "subject to" an existing mortgage,the purchaser becomes personally liable for repaying the debt.

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Definitions:

Parol Evidence

A rule that prevents parties to a written contract from presenting extrinsic evidence of terms that would contradict, modify, or vary the contractual terms written in the document.

UCC Statute of Frauds

A section of the Uniform Commercial Code that requires certain types of contracts, such as those for the sale of goods over a certain value, to be in writing to be enforceable.

Specially Manufactured Goods

Items that are produced to a buyer's personal specifications, which are not suitable for sale to others in the ordinary course of the seller's business.

Promissory Estoppel

A legal doctrine that prevents a party from withdrawing a promise made to another party if the latter has relied upon that promise to their detriment.