Simeon Owns a Piece of Land Called Blackacre

question 22

Multiple Choice

Simeon owns a piece of land called Blackacre.He has accepted Lola's offer to buy that property.The parties have created an agreement of purchase and sale.Which of the following statements is TRUE?

• A)Since the parties created an agreement of purchase and sale, Blackacre must be located in a registry system jurisdiction.
• B)Since the parties created an agreement of purchase and sale, Blackacre must be located in a land titles jurisdiction.
• C)As long as it includes all of the relevant terms, the agreement of purchase and sale is enforceable even if it is oral.
• D)Specific performance may be awarded with respect to Simeon's obligation to transfer title but not Lola's obligation to pay the price.
• E)Even if a contract for the sale of land is oral, it is effective as long as both parties are willing to perform.

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Definitions:

Average Total Assets

The mean value of all the assets owned by a company over a specific time period.

Return on Total Assets

A financial ratio that measures the efficiency of a company's use of its assets to generate profit, calculated by dividing net income by total assets.