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9 Cards in this Set
- Front
- Back
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Lawful objective |
purpose or objective of a contract must be lawful at the time the contract was made |
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meeting of the minds |
acceptance of the terms of an orrder/ mutual agreement |
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statute of frauds |
law requiring certain types of contracts to be in writing and signed to be enforceable |
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material breach |
breach is importnat enough to excuse the non breaching party from performing any contractual obligations. |
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statute of limitations |
NYS law set time limit to bring legal action regarding real estate contract is 6 years |
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intent to contract |
the explicit words and actions of the offeror must reasonably indicate the intention of forming a contract |
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definite terms |
he offer must be complete in its terms and details; an offer isnt binding if its vague or does not include the essential elements of a contract. |
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uniform commercial code |
governs the financing needed to purchase sharese in a coop apartment. Provides for the lender to retain a security interest in the personal property or chattel until the lender is paid in full |
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options |
contracts that give one party the RIGHT to do something, without obligating him to do so. |
