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33 Cards in this Set

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Define assignment:
the transfer in writing of interest in a bond, mortgage, lease, or other instrument
Define bilateral contract:
a contract by which all parties to the instrument are legally bound to act as prescribed
Define breach of contract:
violation of any terms or conditions in a contract without legal excuse
Define commingling:
the illegal act by a real estate broker of placing client or customer funds with personal funds
Define consideration:
that received by the grantor in exchange for his/her deed
Define contingencies:
a provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding
Define contract:
a legally enforceable promise or set of promises that must be performed and for which, if breach of the promise occurs, the law provides a remedy
Define conversion:
the wrongful appropriation of property belonging to another; also, the process of changing a property's status from rental to condominum
Define counteroffer:
a new offer made in response to an offer received
Define earnest money:
money deposited by a buyer under the terms of a contract, to be for feited if the buyer defaults but applied to the purchase price if the sale is closed
Define equitable title:
the interest held by a vendee under a contract for deed or installment contract
Define executed contract:
a contract in which all parties have fulfilled thier promises and thus performed the contract
Define executory contract:
a contract under which some thing remains to be done by one or more of the parties
Define express contract:
an oral or written contract in which the parties state the contract's terms and express their intentions in words
Define implied contract:
a contract under which the agreement of the parties is demonstrated by their acts and conduct
Define installment contract:
a transaction in which the sales price is paid in two or more installments over two or more years
Define land contract:
installment contract
Define liquidated damages:
an amount predetermined by the parties to a contract as the total compensation to an injured party should the other party breach the contract
Define novation:
substituting a new obligation for an old one or substituting new parties to an existing obligation
Define offer and acceptance:
two essential components of a valid contract; a "meeting of the minds"
Define option:
an agreement to keep open for a set period an offer to sell or purchase property
Define statue of frauds:
that part of the state lw that requires that certain instruments be in writing to be legally enforcable
Define time is of the essence:
a phrase in a contract that requires the performance of a certain act within a stated period of time
Define unenforceable contract:
a contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it
Define unilateral contract:
a contract by which only one party is bound to act
Define valid:
has all legal elements; fully enforceable
Define void:
lacks one or all legal elements
Define voidable:
has all leagal elements; may be rescinded or disaffirmed
Illinois Statue of Frauds requires which 2 contracts to be in writing?
1)for the sale of properties
2)leases that can not be completed in one year
Name 5 essential elements of valid contract:
1)offer and acceptance
2)consideration
3)leagally competent parties
4)consent
5)legal purpose
The validity of contracts can be described as:(4)
1)valid
2)void
3)voidable
4)unenforceable
What is the required name on a sales contract?
REAL ESTATE SALES CONTRACT in bold
What is the significance of Quinlan & Tyson?
agents can only fill in the blanks and draw lines through sentences that don't apply
agents can only add preprinted addendums