Q: What is the Rule against perpetuities and its application?
Rule against perpetuities
1. Rule: no interest is valid unless it may vest, if at all, within 21 years if a life in being at the
creation of the interest; validity of a grant is determined at time of creation and it does not matter if it actually vests within the rap
period
2. Application: applies to contingent remainders, executory interests, certain vested remainders subject to open, rights of
1st refusal and options
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