Bar Exam (US) Property: In 1970, Rufus Reefer owned Grassacre, a 30-acre tract located just insi...

Question

In 1970, Rufus Reefer owned Grassacre, a 30-acre tract located just inside Weedville in Humboldt County. Grassacre included the family home, The Rookery, a decaying antebellum mansion complete with tennis courts, stables, and a smaller second house which once was occupied by tenants who farmed Grassacre. The second house, however, had long been vacant as a result of the economic decay of Humboldt County.

Prosperity burst upon Weedville in 1971, and Reefer began selling acre lots in Grassacre. By 1978, Reefer had sold 25 acres, retaining 5 acres which included The Rookery, tennis courts, stables, and the former tenants' house.

On May, 19, 1979, Reefer entered into a valid written contract with Doper. According to the terms of their agreement, Reefer agreed to sell and convey his remaining interest in Grassacre for a consideration of $500,000. The land sale contract provided a closing date of November 19, 1979 and stipulated that "time was of the essence."

On July 2, 1979, a fire destroyed The Rookery. Reefer had The Rookery insured for $450,000 against fire loss and collected that amount from the insurance company. At the closing on November 19th, Doper tendered a cashier's check for $50,000 and demanded a deed conveying a fee simple interest in the property. Conversely, Reefer tendered a deed of conveyance and demanded the full purchase price of $500,000. Doper refused Reefer's demand.

In an appropriate action for specific performance against Doper, Reefer demanded $500,000. If Reefer prevails, which of the following is the best rationale for the outcome?

AnswerChoose the correct answer.Choose all that apply. Correct Partially correct Incorrect Don't Know

  1. A
    Correct Answer
    The fact that The Rookery was insured for $450,000 is irrelevant.
  2. B
    Correct Answer
    Reefer and Doper each had an insurable interest in the property.
  3. C
    Correct Answer
    The doctrine of equitable conversion has been abolished.
  4. D
    Correct Answer
    The doctrine of equitable conversion requires such a result.
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