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10 Cards in this Set
- Front
- Back
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Executed contract
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All parties have fulfilled their promises
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Executory contract
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Some items of a contract have yet to be fulfilled
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Can an unenforceable contract still be fulfilled?
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Yes, but if one party breaches, there can be no remedy
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4 elements for a valid contract:
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1) Sane parties, 2) Consideration, 3) Not illegal, 4) Offer and agreement (consent of parties)
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Statute of frauds says all contracts involving real estate must:
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be in writing and signed
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Parol evidence rule
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No oral agreements that contradict (as opposed to clarify) terms in a written contract are enforceable
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"Time is of the essence" means:
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The contract must be performed within a specified time period and if it is not, the parties will be liable
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Assignment (contract law)
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Transfer of rights to a third party
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Novation (contract law)
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New contract superseding the old
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Recission
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Cancelling a contract
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