Distinguish between actual and constructive notice, and give an example of each. What will be an ...

(Answer to Q. 1)  Actual notice is first -hand knowledge that something was true or had occurred. For example, if John knows Ken recorded his deed first because he checked with the recording office, John has actual knowledge of the recording.
Constructive notice involves a situation where a person may not have actual notice,
but knowledge can be imputed to a person. For example, if John is told by Ken's business partner that Ken recorded a deed, John has constructive notice of the recording. All recorded documents are treated as giving notice to the world, so whether John checks the public records or not, he is charged with constructive notice of the recorded documents.

(Answer to Q. 2)  This provision, which appears in most contracts of sale has been interpreted to mean that the times, dates, and deadlines set forth in the contract are essential to the fulfilling of the terms of the contract.

(Answer to Q. 3)  Students should mention and describe, at minimum, the roles of the debtor, bankruptcy attorney and paralegal, bankruptcy judge, trustee, the various creditors.

(Answer to Q. 4)  An offer to purchase represents a proposed agreement of sale listing the sales price and other conditions from the buyer. The offer to purchase is presented to the seller and if the seller accepts the terms and signs it, then it becomes an agreement of sale.

(Answer to Q. 5)  bankruptcy judge

(Answer to Q. 6)  creditors' committee

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