43. Contracts creating property rights.

A contract for the sale of land in the ordinary form does not infringe the rule against perpetuities, even if no date is fixed for completion, as in such a case the contract must be completed within a reasonable time and either party may give to the other notice to complete within such a time1.

At common law, when a contract2 creates a right of property to arise in the future, or in other words a limitation of property, the rule against perpetuities applies3 to the creation of that right of property, as distinct from the personal obligation in contract4.