Discuss why it is important to have a property right in the use of things.

2. Name three types of security interest in land and explain what they mean. Discuss why it is important to register a deed.

3. Under what circumstances is a contract voidable?

4. Many contractual modifications are not enforceable because there is a lack of consideration. If someone agree to paint your4 house for $2500 and halfway through the job, that person demands additional $1000, what consideration would you receive if you agree to pay the addition. (Explain vividly).

5. Laura advertises a used car for $15000. David, a potential buyer asks why it is so expensive and Laura says that it is only 2 years old. David the agrees to purchase the car for $15000. But when he arrives home, he discovers that the book value of the car is only $10000. May David avoid the contract under the doctrine of "mutual mistake?"