Contract Law

Deeds
 responding to the assignment below. You are expected to utilize the textbook and outside resources to provide accurate and substantive answers to the question. Also, be sure to make use of illustrating examples where appropriate. Submit your work in APA format.
Wiley and Gemma are neighbors. Wiley- lot is extremely large, and his present and future use of it will not involve the entire area. Gemma wants to build a single-car garage and driveway along the present lot boundary. Because of ordinances requiring buildings to be set back fifteen feet from an adjoining property line, and because of the placement of her existing structures, Gemma cannot build the garage. Gemma contracts to purchase ten feet of Wiley- property along their boundary line for $3,000. Wiley is willing to sell but will give Gemma only a quitclaim deed, whereas Gemma wants a warranty deed. Discuss the differences between these deeds as they would affect the rights of the parties if the title to this ten feet of land later proved to be defective.
Miller, R.L. & Hollowell, W.E. (2011). Business Law: Text and Exercises (6th ed.) Mason, OH: South-Western Cengage Learning. ISBN: 978-0-324-78616-3
Chapters 36-37
36 Covers 
Personal property-property ownership-fee simple-concurrent ownership- Community property  p 484-486
Acquiring ownership of personal property=Possession-Purchase-Production-Gifts and elements of an effective gift.-Will or inheritance-Accession-Confusion. P486-488
Mislaid, Lost, and Abandoned property=Treasure trove-Lost Property statutes p 488-490
Bailments= The creation of a bailment-the elements of a bailment-The bailment agreement p 490-491
37 Covers
Real Property=Land- Airspace rights and subsurface rights- Plant life and vegetation- Fixtures p 498-500
Ownership of real property- Ownership in fee simple- Life estates- Nonpossessory interests p 500-502
Transfer of ownership- Deeds- Will or inheritance- Adverse possession-Eminent domain p 502-505