Although the Court in James V

question 65

Multiple Choice

Although the court in James v. Taylor recognized that the presumption has been changed by statute in many states, the court stated that at common law, if the wording in a deed was ambiguous, the law favored a:

• A) tenancy by the entireties.
• B) tenancy in partnership.
• C) tenancy in common.
• D) joint tenancy.

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Definitions:

Consideration

The value (such as money, a service, or a promise) that is exchanged between parties in a contract.

Doctrine of Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.

Disputed Debt

A disagreement between a creditor and a debtor over the existence, amount, or terms of repayment of a debt.

Mutual Assent

refers to the agreement between parties in a contract, shown by a valid offer and acceptance, which is required for a contract to be enforceable.