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71 Cards in this Set
- Front
- Back
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Expressed contract |
A contract under which the parties expressly enter into mutual promise |
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Contingencies |
The dependence upon a stated event before a contract becomes binding |
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Dollar damages |
An action that abandons all other remedies and simply ask for money |
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Under influence |
Influence used to destroy the will of another so that any decision is not his or her free back |
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Execute |
To complete a contract by signing it |
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Valid contract |
Legally binding, the terms of which can be sued for it a court of law |
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Fraud, Duress, Menace |
Deceptive statements are act used to wrongfully obtain money or property |
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Capacity of party |
Individuals who have a legal capacity to contract, as opposed to minors Convicts and incompetents |
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Optionor |
One who for consideration gives an option |
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Optionee |
One who for consideration receives an option |
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Pest-control report |
And inspection report required in the sale of the property, to determine if termites are present within a building |
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Liquidated damages |
A definite about of damages set forth in a contract, to be paid by the party breaching the contract. A predetermined estimate of actual damages from a breach |
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Specific performance |
A court action to compel the performance part of it agreement e.g. Sale of land |
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Consideration |
Anything given or promised by a party to induce another to enter into a contract |
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Executory contract |
A contract in which something remains to be done by one or both of the parties |
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Option |
A right given for consideration to purchase a property upon the specified terms within a specified time period Without obligating the parties to purchase the property |
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Purchase agreement |
A written offer to purchase real property upon stated terms and conditions, accompanied by a deposit towards the purchase price which becomes the contract for the sale of the property upon acceptance |
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Minors |
All person under 18 years of age |
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Mutual consent |
The act of agree are consenting to the terms of an offer thereby establishing "The meeting of the minds" that is an essential elements of a contract genuine Assent from both parties |
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Assignee |
A person to whom property or interest therein. Shall have been assigned |
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assignor |
One who assigns his or her rights in a contract |
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Incompetent |
One who is Mentally incapable of managing or taking care of self or property and therefore cannot enter into a contract without a guardian |
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Covenant |
A promise to do or not to do A particular act |
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Novation |
The substitution or exchange of a new contract for an old one by the mutual agreement of the parties |
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Assignment |
A transfer by a person of that person's rights under the contract |
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Contingencies |
An agreement to do or not to do a certain thing. It must have for essential elements parties capable of contracting, consent of the parties, A lawsuit object, and consideration |
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Rescission |
Annually a contract and placing the parties to it in a position as if there had not been a contract |
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Breach |
Failure to perform a contract, in whole or part, without legal excuse |
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Counter offer |
An offer in response to an offer |
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Acceptance |
Voluntarily agreed to the price and terms of an offer. Offer and acceptance creates a contract |
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Offer |
A proposal for acceptance, in order to form a contract, it must be definitely as to the price and terms |
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Offeree |
One to whom an offer is made |
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Void, voidable, I'd enforceable |
Having no legal force are biting effect, or cannot be enforced for one reason or another |
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Offeror |
One making an offer |
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Unilateral Contract |
A contract under which only one party expressly makes a promise |
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Bilateral contract |
A contract under which the parties enter into mutual promises. such as a sales contract |
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Implied contract |
A binding contract created by the action of the principal rather than by written or oral agreement |
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Definite and Certain |
The terms and provisions of a contract, which are clear, definite, and set forth |
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Classifications of contracts |
Valid, voidable, void, unenforceable |
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Classifications of contracts |
Valid, voidable, void, unenforceable |
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Actions for dollar damage |
Occurs when a quart suit for a breach requesting payment of a fixed amount of money as compensation |
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Liquidated damages |
Sets in advance a specified amount of money as compensation if there is a bridge |
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Performance |
Means that the party causing the breach is so court action forced to perform the terms of the contract |
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What could be used by the buyer as earnest money deposit in a purchasing real property |
A promissory note secured by a deed of trust, a post dated check, and unsecured promissory note |
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Addendum's |
Any additional documents adding to a contract |
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Life of a contract |
1) negotiation 2) not yet perform/Executory contract 3 completion executed contract |
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Executed contract |
One that has either been discharge are performed |
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Execute contract |
is to sign a contract |
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Execution contract |
Is the act of performing are caring out the contract |
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5 elements of a contract |
1) Capacity 2) Mutual consent 3) legality 4) sufficient consideration 5) writing sometimes required |
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What are not essential elements of a valid contract |
1) money 2) writing 3) performance |
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Performance of a contract |
Is the successful completion of a contractual duty usually resulting in upper former releasing from any past or future liability |
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Revocation |
Is the canceling of an offer to a contract by the original offer |
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Laches |
Delay or negligence in asserting ones legal right |
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Classifications of contracts |
Valid, voidable, void, unenforceable |
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Actions for dollar damage |
Occurs when a quart suit for a breach requesting payment of a fixed amount of money as compensation |
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Liquidated damages |
Sets in advance a specified amount of money as compensation if there is a bridge |
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Performance |
Means that the party causing the breach is so court action forced to perform the terms of the contract |
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What could be used by the buyer as earnest money deposit in a purchasing real property |
A promissory note secured by a deed of trust, a post dated check, and unsecured promissory note |
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Addendum's |
Any additional documents adding to a contract |
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Inspection advisory for buyer |
The inspection advisory point out that the buyer is not relying on the sales person with regards to the condition of the property and instead is advised to investigate the condition himself or herself |
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Natural hazard disclosure statement will cover what |
Natural hazard disclosure statement covers 6 zone; Seismic hazard zone, earthquake fault zone, wild land fire zone, State responsibility area, food zone, and dam inundation Zone |
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Life of a contract |
1) negotiation 2) not yet perform/Executory contract 3 completion executed contract |
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Executed contract |
One that has either been discharge are performed |
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Execute contract |
is to sign a contract |
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Execution contract |
Is the act of performing are caring out the contract |
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5 elements of a contract |
1) Capacity 2) Mutual consent 3) legality 4) sufficient consideration 5) writing sometimes required |
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What are not essential elements of a valid contract |
1) money 2) writing 3) performance |
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Performance of a contract |
Is the successful completion of a contractual duty usually resulting in upper former releasing from any past or future liability |
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Revocation |
Is the canceling of an offer to a contract by the original offer |
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Laches |
Delay or negligence in asserting ones legal right |
