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20 Cards in this Set

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Contract
a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act.
express contract
exists when the parties state the terms and show their intentions in words. It may be either oral or written. **Most common real estate contract**
implied contract
the agreement of the parties is demonstrated by their acts and conduct
bilateral contract
both parties agree to do something. one promise is given in exchange for another.
unilateral contract
a one-sided agreement. one party makes a promise to induce a second party to do something. the second party is not legally obligated to act.
executed contract
a contract in which all parties have fulfilled their promises
executory contract
exists when one or both parties still have an act to perform
elements of a valid contract
-offer and acceptance
-consideration
-legally competent parties
-consent
-legal purpose
void contract
has no legal force or effect because it lacks some or all of the essential elements of a contract
voidable contract
appears on the surface to be valid but may be rescinded or disaffirmed by one or both parties based on some legal principle (EX: an underage party)
unenforceable contract
Unwritten. Seems on the surface to be valid; however neither party can sue the other to force performance.
assignment
a transfer of rights or duties under a contract
novation
the substitution of a new contract in place of the original.
breach of contract
a violation of any of the terms or conditions of a contract without legal excuse
specific performance
in a suit for this, the buyer asks the court to force the seller to go through with the sale and convey the property as previously agreed.
liquidated damages
to avoid a lawsuit if one party breaches the contract, the parties may agree on a certain amount of money that will compensate the nonbreaching party
land contract/contract for deed
a contract involving the transfer of a property title
contingencies
additional conditions that must be satisfied before a seller contract is fully enforceable
statue of limitations
the law of every state limits the time within which parties to a contract may bring legal suit to enforce their rights.
statue of frauds
certain types of contracts must be in writing to be enforceable in a court of law.