Louisiana's concept of 'lesion beyond moiety' allows a seller to:
Correct Answer
B) Rescind a sale of immovable property if the price was less than one-half of the fair market value at the time of sale
Under Louisiana Civil Code Art. 2589, a seller of immovable property may seek rescission if the sale price is less than half the fair market value at the time of sale. The action prescribes (expires) after one year from the date of sale. Note: lesion beyond moiety protects only the seller of immovables (not the buyer, and not for movable property). This civil law concept has no equivalent in common-law states.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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