|
Lenawee County Board Of Health V. Messerly
''Lenawee County Board of Health v. Messerly'', 331 N.W.2d 203 (1982) is a US contract law case decided by the Supreme Court of Michigan. It used a risk of loss analysis to justify the denial of rescission as a contract remedy despite the presence of mutual mistake. Facts The Pickles bought a three unit dwelling for use as a rental property from the Messerly's, only to discover that an illegal septic tank had contaminated the ground. Raw sewage was seeping out of the ground. Lenawee County condemned the property making it worthless to the buying party Pickles. So, Pickles sought rescission and Messerly sought a deficiency judgment. Judgment The Supreme Court of Michigan backed away from the precedent of ''Sherwood v. Walker'' in favor of the Restatement (Second) of Contracts, and relied on an "as is" clause in the land contract to deny rescission.Ayres, p. 508 See also *US contract law *Toxic asset A toxic asset is a financial asset that has fallen in value significantly an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Michigan
The Michigan Supreme Court is the highest court in the U.S. state of Michigan. It is Michigan's court of last resort and consists of seven justices. The Court is located in the Michigan Hall of Justice at 925 Ottawa Street in Lansing, the state capital. Operations Each year, the Court receives approximately 2,000 new case filings. In most cases, the litigants seek review of Michigan Court of Appeals decisions, but the Supreme Court also hears cases of attorney misconduct (through a bifurcated disciplinary system comprising an investigation and prosecution agency – the Attorney Grievance Commission – and a separate adjudicative agency – the Attorney Discipline Board), judicial misconduct (through the Judicial Tenure Commission), as well as a small number of matters over which the Court has original jurisdiction. The Court issues a decision by order or opinion in all cases filed with it. Opinions and orders of the Court are reported in an official publication, ''Michigan Repo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1982 In United States Case Law
__NOTOC__ Year 198 (CXCVIII) was a common year starting on Sunday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Sergius and Gallus (or, less frequently, year 951 ''Ab urbe condita''). The denomination 198 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire *January 28 **Publius Septimius Geta, son of Septimius Severus, receives the title of Caesar. **Caracalla, son of Septimius Severus, is given the title of Augustus. China *Winter – Battle of Xiapi: The allied armies led by Cao Cao and Liu Bei defeat Lü Bu; afterward Cao Cao has him executed. By topic Religion * Marcus I succeeds Olympianus as Patriarch of Constantinople (until 211). Births * Lu Kai (or Jingfeng), Chinese official and general (d. 269) * Quan Cong, Chinese general and advisor (d. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Contract Case Law
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toxic Asset
A toxic asset is a financial asset that has fallen in value significantly and for which there is no longer a functioning market. Such assets cannot be sold at a price satisfactory to the holder. Because assets are offset against liabilities and frequently leveraged, this decline in price may be quite dangerous to the holder. The term became common during the financial crisis of 2007–2008, in which they played a major role. When the market for toxic assets ceases to function, it is described as "frozen". Markets for some toxic assets froze in 2007, and the problem grew much worse in the second half of 2008. Several factors contributed to the freezing of toxic asset markets. The value of the assets were very sensitive to economic conditions, and increased uncertainty in these conditions made it difficult to estimate the value of the assets. Banks and other major financial institutions were unwilling to sell the assets at significantly reduced prices, since lower prices would force th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
As Is
As is, when employed as a term with legal effect, is used to disclaim some implied warranties for an item being sold. Certain types of implied warranties must be specifically disclaimed, such as the implied warranty of title. "As is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item "with all faults", whether or not immediately apparent. A similar concept is a "buyer beware" claim, where the careful buyer should take the time to examine the item before accepting it, or obtain expert advice. On the other hand, the phrase "as is" does not disclaim "express" warranties: these may, for example, be created by the seller's description of an item. In other words, though the item may be sold "as is", nevertheless, if it for example does not conform to the seller's description of it, the buyer may void the sale. For example, a seller of a used automobile sells it to a buyer, and puts int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restatement (Second) Of Contracts
The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law. It is one of the best-recognized and frequently cited legal treatisesAcceptable citation format under the Bluebook: "Restatement (Second) of Contracts § ___ (1981)." The Bluebook: A Uniform System of Citation § 12.8.5 (Columbia Law Review Ass'n et al. eds., 17th ed. 2000) in all of American jurisprudence. Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions. It is a work without peer in terms of overall influence and recognition among the bar and bench, with the possible exception of the Restatement of Torts. The American Law Institute began work on the second edition in 1962 and completed it in 1979; the version in use at present ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sherwood V
Sherwood may refer to: Places Australia *Sherwood, Queensland, a suburb of Brisbane *Sherwood, South Australia, a locality *Shire of Sherwood, a former local government area of Queensland *Electoral district of Sherwood, an electoral district from 1950 to 1992 Canada *Sherwood, Calgary, Alberta, a neighborhood * Sherwood (Edmonton), Alberta, a neighborhood *Sherwood Park, the seat of Strathcona County, Alberta *Sherwood, Ontario, a community in Huron Shores, Ontario *Sherwood, Ontario, a community in Maple, Ontario *Sherwood, Nova Scotia, a community *Sherwood, Prince Edward Island, a neighborhood of Charlottetown *Rural Municipality of Sherwood No. 159, Saskatchewan United Kingdom *Sherwood Forest, north of the city of Nottingham, England; the place where the legendary Robin Hood is said to have lived *Sherwood, Nottingham, a residential area of Nottingham *Sherwood (UK Parliament constituency) United States Lakes * Lake Sherwood (California), a reservoir *Lake Sherwood (Kansas) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eminent Domain In The United States
Eminent domain in the United States refers to the power of a state or the federal government to take private property for public use while requiring just compensation to be given to the original owner. It can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are authorized to exercise the functions of public character. Property taken by eminent domain may be for government use or by delegation to third parties, who will devote it to public or civic use or, in some cases, to economic development. The most common uses are for government buildings and other facilities, public utilities, highways and railroads. However, it may also be taken for reasons of public safety, as in the case of Centralia, Pennsylvania, where land was taken due to an underground mine fire. Some jurisdictions require that the condemnor make an offer to purchase the subject property, before resorting to the use of eminent doma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Septic Tank
A septic tank is an underground chamber made of concrete, fiberglass, or plastic through which domestic wastewater (sewage) flows for basic sewage treatment. Settling and anaerobic digestion processes reduce solids and organics, but the treatment efficiency is only moderate (referred to as "primary treatment"). Septic tank systems are a type of simple onsite sewage facility. They can be used in areas that are not connected to a sewerage system, such as rural areas. The treated liquid effluent is commonly disposed in a septic drain field, which provides further treatment. Nonetheless, groundwater pollution may occur and can be a problem. The term "septic" refers to the anaerobic bacterial environment that develops in the tank that decomposes or mineralizes the waste discharged into the tank. Septic tanks can be coupled with other onsite wastewater treatment units such as biofilters or aerobic systems involving artificially forced aeration. The rate of accumulation of sludge— ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Remedy
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual. In common law jurisdictions and mixed civil-common law jurisdictions, the law of remedies distinguishes between a legal remedy (e.g. a specific amount of monetary damages) and an equitable remedy (e.g. injunctive relief or specific performance). Another type of remedy available in these systems is declaratory relief, where a court determines the rights of the parties to action without awarding damages or ordering equitable relief. The type of legal remedies to be applied in specific cases depend on the nature of the wrongful act and its liability. In the legal system of the United States, there exists a traditional form of judicial remedies that serve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rescission (contract Law)
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the ''status quo ante''). Taxonomy Rescission is used throughout the law in a number of different senses. The failure to draw these crucial distinctions is productive of serious confusion. Although Judicature legislation has been enacted throughout the common law world, and jurisdictions vary in their recognition of a distinct body of law known as equity, reference to the jurisdictional origins is still important for the purposes of exposition. * ''"Rescission" in the sense of termination''. Rescission in this sense is not the focus of this article. Where a contract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
