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13 Cards in this Set
- Front
- Back
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Listing agreement |
Agency contract between a Seller & Broker |
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Buyer Agency Agreement |
Agency contract between Buyer & Broker |
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Sales or Purchase Contract |
Contract between the Buyer & Seller |
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Lease |
Contract between the Landlord & tenant |
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Expressed Contract |
An Agreement expressed in words, either spoken or written |
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Implied Contract |
An agreement that has not been put into words, but is implied by actions of the parties *Ex. Eating in a restaurant then paying the bill |
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Executory Contract |
One or both parties have not yet completed performance of their contractual obligations |
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Executed Contract |
Both parties have fully performed their contractual obligations |
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Valid Contract |
The contract is binding and legal |
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Void Contract |
Lacks one or more of the essential elements for contract formation * Ex. A listing agreement to sell a house without the signatures of both owners of the property |
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Voidable Contract |
One party can end an agreement without liability because of lack of legal capacity or other factors such as fraud or duress *Ex. A sales contract signed by a minor |
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Unenforceable Contract |
A contract that may have been valid between the parties but that a court would refuse to enforce * Ex. An oral contract for the sale of real estate |
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Lawful Objective |
Means the purpose or objective of a contract must be lawful at the time the contract is made |
