Il Real Estate Ch#11

Front 1

Define assignment:

Back 1

the transfer in writing of interest in a bond, mortgage, lease, or other instrument

Front 2

Define bilateral contract:

Back 2

a contract by which all parties to the instrument are legally bound to act as prescribed

Front 3

Define breach of contract:

Back 3

violation of any terms or conditions in a contract without legal excuse

Front 4

Define commingling:

Back 4

the illegal act by a real estate broker of placing client or customer funds with personal funds

Front 5

Define consideration:

Back 5

that received by the grantor in exchange for his/her deed

Front 6

Define contingencies:

Back 6

a provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding

Front 7

Define contract:

Back 7

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

Front 8

Define conversion:

Back 8

the wrongful appropriation of property belonging to another; also, the process of changing a property's status from rental to condominum

Front 9

Define counteroffer:

Back 9

a new offer made in response to an offer received

Front 10

Define earnest money:

Back 10

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

Front 11

Define equitable title:

Back 11

the interest held by a vendee under a contract for deed or installment contract

Front 12

Define executed contract:

Back 12

a contract in which all parties have fulfilled thier promises and thus performed the contract

Front 13

Define executory contract:

Back 13

a contract under which some thing remains to be done by one or more of the parties

Front 14

Define express contract:

Back 14

an oral or written contract in which the parties state the contract's terms and express their intentions in words

Front 15

Define implied contract:

Back 15

a contract under which the agreement of the parties is demonstrated by their acts and conduct

Front 16

Define installment contract:

Back 16

a transaction in which the sales price is paid in two or more installments over two or more years

Front 17

Define land contract:

Back 17

installment contract

Front 18

Define liquidated damages:

Back 18

an amount predetermined by the parties to a contract as the total compensation to an injured party should the other party breach the contract

Front 19

Define novation:

Back 19

substituting a new obligation for an old one or substituting new parties to an existing obligation

Front 20

Define offer and acceptance:

Back 20

two essential components of a valid contract; a "meeting of the minds"

Front 21

Define option:

Back 21

an agreement to keep open for a set period an offer to sell or purchase property

Front 22

Define statue of frauds:

Back 22

that part of the state lw that requires that certain instruments be in writing to be legally enforcable

Front 23

Define time is of the essence:

Back 23

a phrase in a contract that requires the performance of a certain act within a stated period of time

Front 24

Define unenforceable contract:

Back 24

a contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it

Front 25

Define unilateral contract:

Back 25

a contract by which only one party is bound to act

Front 26

Define valid:

Back 26

has all legal elements; fully enforceable

Front 27

Define void:

Back 27

lacks one or all legal elements

Front 28

Define voidable:

Back 28

has all leagal elements; may be rescinded or disaffirmed

Front 29

Illinois Statue of Frauds requires which 2 contracts to be in writing?

Back 29

1)for the sale of properties
2)leases that can not be completed in one year

Front 30

Name 5 essential elements of valid contract:

Back 30

1)offer and acceptance
2)consideration
3)leagally competent parties
4)consent
5)legal purpose

Front 31

The validity of contracts can be described as:(4)

Back 31

1)valid
2)void
3)voidable
4)unenforceable

Front 32

What is the required name on a sales contract?

Back 32

REAL ESTATE SALES CONTRACT in bold

Front 33

What is the significance of Quinlan & Tyson?

Back 33

agents can only fill in the blanks and draw lines through sentences that don't apply
agents can only add preprinted addendums