Jerry Brown was camping on a lake. He met an old man, Edgar Kettle, who owned two acres of land fronting on the lake. Mr. Brown knows that the value of the lakefront property in this area is around $30,000 an acre
He offers Kettles $18,000 for his land. Kettle says, "No, Mr. Prime Minister, I can't accept that. I'll take $12,000." Brown knows it is a great deal. He comes back that day with a contract of sale and Mr. Kettle signs. In fact, Mr. Kettle suffers from senile dementia. As soon as Mr. Kettle's children find out about the deal, they attempt to cancel it. Will they succeed?
A) No. No one told Brown that Kettle was suffering from a mental illness.
B) Yes. It should have been apparent to Brown that Kettle was mentally incompetent.
C) No. It was a bad deal for Kettle but the courts don't protect parties from their own stupidity.
D) No. Only Mr. Kettle himself can cancel the contract.
E) No. Kettle was of sound mind, not mentally incompetent.
B
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The primary survey line running north and south in any area described by the rectangular survey system is its
A) township line. B) base line. C) range line. D) principal meridian.
If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value of the property if a 10% return is required:
A: $8,000; B: $10,000; C: $80,000; D: $100,000.