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10 Cards in this Set
- Front
- Back
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What exactly is a contract?
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(notes)
A contract is a legally enforceable agreement between two or more people to do or not to do something. |
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What are the FIVE necessitys for a legal contract to exist?
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1) Offer
2) Acceptance of the offer of the terms 3) Consideration 4) Capisity 5) Legality |
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Bob agrees to mow Mr. Jones lawn for 10.00. Mr. Jones will pay him after he mows the lawn.
What type of Contract Exists? |
UNILATERAL
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In the lawn mowing contract with Bob and Mr. Jones, Bob never mows the lawn.Does Mr. Jones owe him for the contract? Why?
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NO
Because the PERFORMANCE was never completed therefore he is not required to pay the cost. |
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Real Estate Agreements are usually what type of contracts?
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BI-LATERAL
PROMISE FOR A PROMISE SELL YOUR HOME----PAY ME COMMISSION |
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I have a contract that is in writing, all the terms are clear, and there are dates of expiration..
What type of contract do I have? |
EXPRESS CONTRACT
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Mary brings her Realtor friend to an open house, though they have no agreement in writing, she introduces her friend to the owner as her "agent" why could a contract be assumed in the future?
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BECAUSE OF IMPLIED AGENCY OR IMPLIED CONTRACT..
HER ACTIONS LED BOTH PARTIES TO ASSUME AN AGENCY EXISTED. |
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What are the general rules for a contract to be in writing?
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1) Real Estate
2) Contracts over 750.00 3) Contract that will exist for over one year. ( lease, mortgage etc.) |
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98% of contracts are what type of contract?
Formal or Informal |
Informal
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My purchase of my home is finished. All funds are transfered, the title is recored. All releases are signed.
1) Can I cancel this contract? Why? |
NO
It is an EXECUTED Contract |
