Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
What must a contract have to be valid and enforcceable?
|
COLIC
Competent partiess Offer and acceptance Legal Purpose In writing (statute of frauds) Consideration (not earnest $) |
|
|
Is a contract not in writing valid?
|
yes, but not enforceable
|
|
|
Does a lease for less than a year have to be in writing?
|
no
|
|
|
What is a void/invalid contract?
|
no binding effect on parties who made it
|
|
|
What is a contract made with an insane person?
|
void/invalid
|
|
|
What is a voidable contract?
|
one party has right to withdraw
|
|
|
A contract with a minor, person under duress, or under the influence?
|
voidable
|
|
|
Difference in express and implied contract?
|
express=written or stated oral
implied=by actions or evidence |
|
|
What kind of contract is an option?
|
unilateral
|
|
|
An modification to an existing contract?
|
amendmnents
|
|
|
What is a contract for deed?
|
seller financing where seller holds the deed. title retention protects seller. vendor and vendee must sign
|
|
|
What is novation
|
substitution a new contract for old one
|
|
|
Assignment
|
substitute new party ion existing contract
|
|
|
What can be used to shield the id of a buyer?
|
assignment
|
|
|
Is a counter offer a rejection or acceptance?
|
rejection of offer with a new offer presented
|
|
|
When does a offer become a binding contract?
|
When it is SIGNED and acceptance is COMMUNICATED to the offering party and commission is earned
|
|
|
What is an executory contract?
|
One not carried out but signed ex: contract for deed
|
|
|
If one party dies is the contract binding on heirs?
|
yes
|
|
|
Hold over tenant?
|
no longer has any right to remain on property
|
|
|
Tenancy at sufferance?
|
when lease expires but tenant remains
|
