Subject Business Business - Other

Question

Respond to the following prompt:

Deeds

Write a short essay, between 400 and 500 words, responding to the assignment below. You are expected to utilize the textbook and outside resources to provide accurate and substantive answers to the question. Also, be sure to make use of illustrating examples where appropriate. Submit your work in APA format.

Wiley and Gemma are neighbors. Wiley’s lot is extremely large, and his present and future use of it will not involve the entire area. Gemma wants to build a single-car garage and driveway along the present lot boundary. Because of ordinances requiring buildings to be set back fifteen feet from an adjoining property line, and because of the placement of her existing structures, Gemma cannot build the garage. Gemma contracts to purchase ten feet of Wiley’s property along their boundary line for $3,000. Wiley is willing to sell but will give Gemma only a quitclaim deed, whereas Gemma wants a warranty deed. Discuss the differences between these deeds as they would affect the rights of the parties if the title to this ten feet of land later proved to be defective.

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One way to view this situation is that it highlights a crucial difference between a deed and a contract, where deeds do not have to include legally sufficient consideration (Clarkson, Miller & Cross, 2013, p.963). To perhaps oversimplify, consideration in a contract refers to what it is each party to the contract is giving up in exchange for whatever it is they are gaining...

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