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21 Cards in this Set
- Front
- Back
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Contract |
An agreement between two or more parties to do or not do something. Contracts are legally enforceable promises. |
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Page 274 and 275 |
Page 274 and 275 |
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When an adult enters a contract with a minor the contract is avoidable only by whom |
The minor |
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Lawful objective means |
The purpose or objective of a contract must be lawful at the time the contract is made |
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Before any contract can be formed there must be a |
Mutual agreement which generally involves an offer and an acceptance. |
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Acceptance of the terms of an offer indicates a |
Meeting of the minds |
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A law requiring certain types of contracts to be in writing and signed to be enforceable |
Statute of frauds |
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The rule of patrol evidence |
Provides that the written agreement overrides any oral agreements |
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Material breach |
Breach of contract important enough to excuse the non breaching party from performing any contractual obligations |
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Time is of the essence |
Emphasizes timely performance as an essential part of the contract and failure to perform on time is a material breach |
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Conditions also called contingency clauses |
Contract provisions that make the parties rights or obligations dependent on the occurrence or non occurrence of certain events |
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Liquidated damages |
Reflect the amount of money specified in a contract to be awarded in the event the agreement is breached - seller |
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Specific performance also referred to as a forced sale |
Legal remedy in which a court orders someone who has breached a contract to perform as agreed rather than simply paying damages - buyer |
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Sales contracts |
Contracts in which a seller promises to convey title to real property to a buyer in exchange for the purchase price |
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Earnest money deposits are generally held by whom |
The attorney representing the seller |
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Binder is sometimes referred to as a sales agreement., purchase agreement or deal sheet. Generally one page and contain most of the important information that will go in the actual sales contract prepared by whom |
The sellers attorney |
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Escape clause page 289 |
Escape clause page 289 |
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Disclosures page 289 |
Disclosures page 289 |
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Options |
Contracts that give one party the right to do something without obligation him to do so. An option is a unilateral contract. The most common type of real estate option is a lease with the option to purchase |
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The right to have the first chance to buy or lease property if the owner decides to sell or lease it is called |
The right of first refusal |
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Installment sales contract |
Also referred to as a land contract in which the buyer (gender) makes payments to the seller or (vendor) in exchange for the right to occupy and use the property but no deed or title is transferred until all or a specified portion of payments have been made. The seller hold the title t9 the land as security. |
