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14 Cards in this Set
- Front
- Back
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Statute of frauds |
Says most Real Estate contracts must be in writing to be enforceable |
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Mutual assent/meeting of the minds |
Agreement reached through process of offer and acceptance |
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Actual communication |
Direct confirmation of acceptance by word or writing |
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Constructive communication |
Notice of acceptance considered once a form contract has been sent |
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Actual fraud |
Deliberate and malicious misrepresentation of a material fact |
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Negative fraud |
Concealment of important information |
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Constructive fraud/negligent misrepresentation |
Material facts misrepresented with no intent to deceive or mislead by one who had the ability and duty to discover the facts |
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Innocent misrepresentation |
Misstatement of facts by someone that did not have the ability or duty to discover the facts and made without intent to deceive. |
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Parol evidence rule |
Says written agreements always take precedence over oral agreements |
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Novation |
Substitution of a new obligation for an old one |
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Mediation |
Independent third party works with the disputing parties to help them resolve their differences. No one is bound by this |
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Arbitration |
Disinterested party hears both sides of the dispute and makes a decision as to how it must be resolved. Parties are bound by this decision |
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Specific purpose suit |
Innocent party sues for the other party to carry out the precise terms and conditions of the contract |
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Statute of Limitations |
Defines the time within which an injured party has to seek a legal remedy |
