Case Study Analysis Property Issues
Learning Team A
Law/531
8/25/2014
Craige Harrison IRAC
Issue: The issue brought before the Texas Court of Appeals is that the Tarhan’s bought property form the Mettlen’s and the Mettlens claimed that they retained the mineral intrests in the property. The Trahans believe that the interests were, or should have been, part of the transaction. The Trahans filed lawsuit in December of 2010 for the mineral intests more than 4 years later. The Mettlens filed a motion for summary judgment claiming that the lawsuit was time-barred by the applicable four year statute of limitation. The court found that the satute of limitations barred the Trahans lawsuit and judgment to the Mettlens. So the question is: is the four year limitation period applicable to the Trahans cause of action was tolled or otherwise rendered inapplicable by the facts and circumstances of the case and for how long.
Rule: Discovery Rule for Fraudulent Concealment
Analysis: The contract states that just after the description of the property the mineral, oil and gas and liquid that may be produced are products of the grantors. That there was no evidence of the Merrlens attempting to hinder the Trahans from reading the deed or that they attempted to hinder the Trahans
Conclusion: It was found that the warranty deed conveying title to the Trahans contains a clear and unambiguous reservation of mineral rights. The discovery rule for fraudulent concealment tolls the running of the statute of limitations only until the plaintiff discovers the fraud or could have discovered the fraud through the exercise of reasonable diligence. With no evidence to suggest that the Mettlens engaged in any conduct to mislead the Trahans or from them reviewing the the warranty deed.

Case Study Analysis Property
Intro (write introduction here)

Real, Personal and Intellectual Property Issues Real property includes items such as land, building and anything attached to the building. Real property can include items such as built in cabinets to living trees on the land to build in closets. Personal property is anything that is not included in real property. Real property can include items such as furniture, automobiles and lumber that was cut from trees on the land. “Intellectual property is a term that describes property that is developed through an intellectual and creative process” (Cheeseman, 2013, pg. 121). Examples of intellectual property include patents, trademarks, trade secrets and copy rights. All forms of property are protected and there are penalties for people who try and steal or misappropriate any form of property.

Applied Business Setting It is important as a manager in a business setting to understand the rules and regulations that go along with the different property forms. As an accounting manager you need to know the difference between real and personal property for tax purposes. Having an accurate list of real property and what the value of the property is important in filing a yearly property return for your business if one is required in the state you are residing.
3rd
The Trahan had some points that hurt there case and helped them. Having the contract that stated that the minerals were apart of the agreement would have been helpful. However when two parties show up to sign a contract stating one simply did not read the contract is no excuse. Mr. Trahan should have read and consulted a lawyer before signing that agreement especially if minerals had been mentioned earlier on in an agreement. The Trahan’s did not know how to draw a contract up nor did they research and do core samples of the property they wanted to purchase. If they had asked or looked into the property they would have found out that such contracts had already been established and could have been given a percentage or full sale of such material. Ethically there is a problem with this type of sale when the seller is knowingly taking advantage of the buyer, but buyers must not take everyone at their word and investigate before they sign and read everything before they sign.

Heading 4 Start fourth paragraph here.

Conclusion Start conclusion here.

References
Cheeseman, H. R. (2013). Business Law (8th ed.). Retrieved from The University of Phoenix eBook Collection Database