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20 Cards in this Set
- Front
- Back
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Contract
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a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act.
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express contract
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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**
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implied contract
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the agreement of the parties is demonstrated by their acts and conduct
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bilateral contract
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both parties agree to do something. one promise is given in exchange for another.
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unilateral contract
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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.
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executed contract
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a contract in which all parties have fulfilled their promises
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executory contract
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exists when one or both parties still have an act to perform
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elements of a valid contract
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-offer and acceptance
-consideration -legally competent parties -consent -legal purpose |
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void contract
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has no legal force or effect because it lacks some or all of the essential elements of a contract
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voidable contract
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appears on the surface to be valid but may be rescinded or disaffirmed by one or both parties based on some legal principle (EX: an underage party)
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unenforceable contract
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Unwritten. Seems on the surface to be valid; however neither party can sue the other to force performance.
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assignment
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a transfer of rights or duties under a contract
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novation
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the substitution of a new contract in place of the original.
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breach of contract
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a violation of any of the terms or conditions of a contract without legal excuse
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specific performance
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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.
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liquidated damages
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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
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land contract/contract for deed
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a contract involving the transfer of a property title
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contingencies
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additional conditions that must be satisfied before a seller contract is fully enforceable
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statue of limitations
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the law of every state limits the time within which parties to a contract may bring legal suit to enforce their rights.
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statue of frauds
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certain types of contracts must be in writing to be enforceable in a court of law.
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