first placed under the act, giving the best foundation for the beginning of the system and reducing losses and fraud to a minimum. It will make "tax titles" practically unknown, because the owner will be notified when taxes or assessments are due and thus prevent the sale of the property for payment.

The present system furnishes no means by which the real owner of the property may be recognized and the buyer must simply take the risk, even though he is investing the earnings of a lifetime. Under the Torrens system there is absolute evidence of ownership.

ASSIGNMENT OF CONTRACT OF SALE: A contract for the sale of real property may be assigned in the same manner and with the same effect as any other contract. The assignment carries with it, of course, only such right, title, and interest as the assignor may have in the contract at the time of the assignment. This is popularly called his "equity," although in reality there is no recognized equity in the realty involved in a contract of sale. There may be as many assignment of the contract as there are new owners of the so-called equity; that is, every assignee may assign his interest to another person. Either sellor or buyer may assign his right, but an assignment by the buyer will not release him from his obligation to pay. The assignment should be recorded in the same recorder's office where the original contract is recorded. But if the original contract is not recorded, the assignment of it cannot be. (See Recordation.)

(In an agreement to sell real property there was a clause by which the buyer was to be the "exclusive judge as to whether or not the title to said lands is free from all defects, liens, incumbrances, taxes and assessments whatsoever, and as to whether or not he is willing to accept the same." He afterwards assigned this right of purchase, and the Court ruled that he had also assigned the right of judging.)

The damages caused by a breach of an agreement to convey an estate in real property, is deemed to be the price paid, and the expenses properly incurred in examining the title and preparing the necessary papers, with interest on these expenses; by adding also (in case of bad faith) the difference between the price agreed to be paid, and the value of the estate agreed to be conveyed, at the time of the breach, as well as the expense properly incurred in preparing to enter upon the land.

The damages caused by a breach of an agreement to nul estate in real property, is deemed to be an--

which would have been due

the value of the

ERRATA:-On page 325 the following paragraph should be inserted in place of the paragraph now appearing after the word "Reasonable":

RESCISSION:

See Contracts; Fraud.

An agreement that errors of description shall not avoid a contract, or shall be the subject of compensation (or both), does not take away the right of rescission for fraud nor for mistake, where such mistake is in a matter essential to the inducement of the contract, and is not capable of exact and entire compensation.

(The balance of the article on "Rescission" is on page 327.) Please carry the line beginning "Reasonable" to and above the line beginning "Reasonable Time."

- restore to the ...en he has received from him

must offer to restore the same, upon condi... such party shall do likewise, unless the latter is unable, or positively refuses to do so.

Quit Claim Deed: See Deeds; Quiet Title; Real Estate.
Receipts: See Payment; Checks; Sales.

Reasonable Time: See Negotiable Instruments, ¶3266b.
"reasonable," such as "reasonable care," "reasonable doubt," "rea-
sonable amount," etc. This word has probably caused more suits
of law than any other, because it is impossible to foresee what is
"reasonable" in any case, unless that precise case, with all its pecul-
iar circumstances is brought to the attention of a court.
The gen-
eral rule would be that in each case, what is or is not reasonable
must be decided by taking into consideration all the circumstances
of such particular case.

Receiver, Appointment of. A receiver may be appointed by the court in which an action is pending, or by the judge of it. 1. In an action by a vendor to vacate a fraudulent purchase of property, or by a creditor to subject any property or fund to his claim, or between partners or others jointly owning or interested in any property or fund, on the application of the plaintiff, or of any party whose right to or interest in the property or fund, or the proceeds of it is probable, and where it is shown that the property or fund is in danger of being lost, removed, or materially injured; 2. In an action by a

an

it

r

first placed under the act, giving the best foundation for the beginning of the system and reducing losses and fraud to a minimum. It will make "tax titles" practically unknown, because the owner will be notified when taxes or assessments are due and thus prevent the sale of the property for payment.

The present system furnishes no means by which the real owner of the property may be recognized and the buyer must simply take the risk, even though he is investing the earnings of a lifetime. Under the Torrens system there is absolute evidence of ownership.

ASSIGNMENT OF CONTRACT OF SALE: A contract for the sale of real property may be assigned in the same manner and with the same effect as any other contract. The assignment carries with it, of course, only such right, title, and interest as the assignor may have in the contract at the time of the assignment. This is popularly called his “equity," although in reality there is no recognized equity in the realty involved in a contract of sale. There may be as many assignment of the contract as there are new owners of the so-called equity; that is, every assignee may assign his interest to another person. Either sellor or buyer may assign his right, but an assignment by the buyer will not release him from his obligation to pay. The assignment should be recorded in the same recorder's office where the original contract is recorded. But if the original contract is not recorded, the assignment of it cannot be. (See Recordation.)

(In an agreement to sell real property there was a clause by which the buyer was to be the "exclusive judge as to whether or not the title to said lands is free from all defects, liens, incumbrances, taxes and assessments whatsoever, and as to whether or not he is willing to accept the same." He afterwards assigned this right of purchase, and the Court ruled that he had also assigned the right of judging.)

The damages caused by a breach of an agreement to convey an estate in real property, is deemed to be the price paid, and the expenses properly incurred in examining the title and preparing the necessary papers, with interest on these expenses; by adding also (in case of bad faith) the difference between the price agreed to be paid, and the value of the estate agreed to be conveyed, at the time of the breach, as well as the expense properly incurred in preparing to enter upon the land.