An Oral Contract for the Transfer of an Interest in Land

question 26

True/False

An oral contract for the transfer of an interest in land may be enforced if the party seeking enforcement has so changed his position in reasonable reliance on the contract that a court can prevent injustice only by enforcing the contract.

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Definitions:

Commonly Used

Refers to something widely adopted or practiced by a large number of people or within numerous contexts.

Bond

A share interest in the indebtedness of a corporation; often used synonymously with “debenture,” though a bond is normally secured against specific assets, while a debenture is likely not.

Borrow Funds

Refers to obtaining money from another party, usually a financial institution, under the agreement that the money will be repaid, typically with interest.

Accumulating Debt

The process of increasing debt through borrowing or the accumulation of interest on existing loans.