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25 Cards in this Set
- Front
- Back
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5 elements of a contract
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-offer and acceptance
-consideration -legally competent parties -consent -legal purpose |
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in cases where the statute of frauds applies, the offer and acceptance must be in writing
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promise made by one party, requesting something in exchange for that promise
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offer
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-promise by the offeree to be bound by the exact terms proposed by the offeror
-any deviation from the terms of the offer constitutes a rejection of the original offer and becomes a new offer |
acceptance
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-person who makes the offer is the offeror
-person to whom the offer is made is the offeree |
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element of a contract that is something of legal value offered by one party and accepted by another as an inducement to perform or to refrain from performing some act
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consideration
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-a contract that complies with all of the basic requirements may still be either void or voidable
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reality of consent
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a contract can be described in one of 4 different ways depending on circumstances
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valid
void voidable unenforceable |
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a contract that meets all the essential elements that make it legally sufficient, or enforceable
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valid
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a contract that has no legal force or effect because it lacks some or all of the essential elements of a contract
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void
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-a contract that appears on the surface to be valid buy may be rescinded or disaffirmed by one or both parties based on some legal principle
-is considered by the courts to be valid if the party who has the option to disaffirm the agreement does not do so within a period of time prescribed by state law |
voidable
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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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contract
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exists when the parties state the terms and show their intentions in words
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express contract
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certain types of contracts must be in writing to be enforceable in a court of law
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statute of frauds
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type of contract agreement of the parties is demonstrated by their acts and conduct
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implied contract
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-both parties promise to do something
-one promise is given in exchange for another |
bilateral contract
(listing agreement and real estate sales contract are examples |
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-a one-sided agreement
-one party makes a promise to induce a second party to do something -2nd party is not legally obligated to act -if the 2nd party does not comply, the 1st party is obligated to keep the promise |
unilateral contract
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a contract in which all parties have fulfilled their promises
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executed contract
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a contract where one or both parties still have an act to perform
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executory contract
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an offer by one party that is accepted by another
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mutual assent
(must be a meeting of the minds) |
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a contract that has all the elements of a valid contract, yet neither party can sue the other force performance of it
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unenforceable
(an unsigned contract is generally unenforceable) |
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a phrase in a contract that requires the performance of a certain act within a stated period of time
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time is of the essence
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transfer of rights or duties under a contract
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assignment
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-substituting a new obligation for an old one or substituting new parties to an existing obligation
-new agreement may be between the same parties, or a new party may be substituted for either (_______ of the parties) |
novation
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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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suit for specific performance
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