b. Percolating waters
c. Artesian waters
d. Navigable stream
e. All of the above are underground waters
Mrs. Clements gave the University of Iowa a written option on a piece of property she
owned. The University paid $300 to keep the option open from January 3, 1982 until
April 3, 2010. On February 15, 2010, Mrs. Clements notified the University in writing
that she was revoking her offer. Mrs. Clements then sold the property to Douglas (a
bfp).
a. The University can recover the property from Douglas
b. Mrs. Clements properly revoked her offer
c. The University is entitled to damages
d. None of the above
Zack Peyton borrowed $398,000 from Fifth First Bank to purchase a new home. Zack
gave First Bank a mortgage on his home. The mortgage was recorded on January 3,
2004. Zack had made a down payment of $42,000. When Zack moved in, he purchased
an in-ground swimming pool from Paddock Pools for $35,000. Zack paid Paddock
$4,000 and Paddock financed the remaining amount for him, recording a mortgage for
$29,000 on February 26, 2004. Zack needed window coverings, landscape, and some
new furniture. Wells Fargo gave Zack a $150,000 home equity line of credit, secured by
a mortgage on Zack’s home for $150,000. Wells Fargo recorded the home equity credit