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The time for performance is typically essential in a contract for the sale of perishable
property.
Ulysses bought Whiteacre from Gordon but never recorded the deed. Gordon stayed on
the property as a tenant for three (3) years. Near the end of the three (3) years, Gordon
learned that Ulysses had never recorded the deed. Gordon advertised Whiteacre for sale
and Cheryl negotiated with Gordon thinking that Gordon was the owner. Finally, Cheryl
checked the records at the recording office and, finding no reason to question Gordon€s
ownership of the property, purchased Whiteacre from Gordon. Cheryl recorded the deed
and Gordon fled with the purchase money. Meanwhile, Ulysses had failed to pay the
real estate taxes on Whiteacre for the three (3) years in question thinking it was the
responsibility of Gordon, the tenant. Ultimately, Cheryl and Ulysses disputed over the
ownership of the property. Decide the case between Cheryl and Ulysses. Also decide
whether Ulysses is responsible for the three (3) years of real estate taxes assessed while
Gordon occupied the property as a tenant.
A person who obtains life insurance generally can only name a beneficiary that has an
insurable interest in the life of the insured.
Under the "close-connection" doctrine, a holder has taken so many instruments from its
transferor or is so closely connected with the transferor that any knowledge the
transferor has is deemed transferred to the holder, preventing holder in due course
status.
If a restrictive covenant is valid, it binds only the original grantee in the deed that
created the covenant.
Corporate securities evidenced by a certificate are negotiable.
When we speak of government regulation of business we ordinarily mean state
government regulation, not federal government intervention.
A debtor must have rights in the collateral for a security interest to attach.
Exceptions to coverage are generally strictly interpreted against the insurer.
