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By Jacob H. Beuscher (auth.)

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To make the description as 33 34 ACQUIRING OR TRANSFERRING A FARM simple as possible, we will assume that the seller and buyer are dealing directly with each other, that no real estate broker is involved. We will also assume, for purposes of simplicity, that only the real estate, not the livestock or machinery, is being purchased. 1. Negotiation First of all Jim Buyer and Joe Seller talk it over, negotiate hack and forth and finally agree on a price and other terms. Under our law the seller during this negotiation stage may puff up the facts a hit, he may engage in "seller's talk" without being legally responsible for expected exaggerations.

The courts follow precedent cases by a self-imposed rule, which, in turn, satisfies society's demand for certainty in the law. This is referred to as the doctrine of stare decisis -let the decisions stand. On the other hand society's demand for flexibility in the law is satisfied because the law can be adjusted to changes in the economic and social order through the court's skillful handling of case law precedents. Prior cases are "distinguished," that is, shown not to be in point. The phrasing of case law rules is not precisely the same from one case to the next and this too injects flexibility.

They digest, summarize, that is, "abstract" the important parts of recorded real estate instruments and usually keep elaborate files of such summaries in their offices. This file and a tract index, more efficient than the public alphabetical index, are the most valuable assets of the abstracter. For a fee he prepares the "abstract of title" for a specified tract of land. This abstract of title is, then, a summary history of transactions that effect ownership rights to the tract of land described at the head of the abstract.

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