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21 Cards in this Set

  • Front
  • Back
What is a Contract?
An promise made by two people to do or refrain from doing something.
What are the 5 elements of a contract?
1-Legal Capacity
2-Offer by one party
3-Acceptance by the other party
4-Consideration/payment
5-It may have to be in writing
Void Contract
One that has no legal effect from inception. (an agreement to do something illegal)
Voidable Contract
One that may be disavowed by one or both parties, depending on the circumstances (Like one signed while intoxicated).
Unenforceable Contract
One valid on its face, but its enforcement would violate some law (An oral contract when law dictates it most be in writting).
Contracts by Business

Sole Proprietor
One who acts in his or her own name, or with a spouse
Contracts by Business
A business entity can make a contract concerning real estate

Partnership
May hold real property in the name of the partnership, the name of one of the partners, or the name of a trustee
Contracts by Business
A business entity may make a contract concerning real estate

Corporation
Acts through its officers, as authorized by the board of directors. The directors may be personally liable for the actions taken on behalf ot the corporation.
Revocation
An offer may be revoked before it is accepted if the offeror communicates the revocation directly to the offeree
Affirmative Fraud
When it is a deliberate statement of a material fact that the speaker knows to be false and on which the speaker intends another person to rely, to his or her detriment
Negative Fraud
When it is a deliberate concealment of something that should be revealed.
Actual Fraud
Actions with an intent to deceive:
-Sugguest a truth that you know is not
-Possitive assertion, belief is not justified
-Suppression of truth by one who knows
-Promise w/no intent to perform
-Any other acto fo deception
Actual Fraud
Actions with an intent to deceive:
-Suggest a truth that you know is not
-Positive assertion, belief is not justified
-Suppression of truth by one who knows
-Promise w/no intent to perform
-Any other act of deception
Actual Fraud
Actions with an intent to deceive:
-Suggest a truth that you know is not
-Possitive assertion, belief is not justified
-Suppression of truth by one who knows
-Promise w/no intent to perform
-Any other acto fo deception
Alienate
To make the title leave the owner by conveying the title to another.
Amortization
The (1)liquidation of a financial obligation on an installment basis (2)recovery of cost or value over a period of time.
Blind Ad
Advertising by a licensee who does not disclose in the ad that the property is offered through an agent rather than by the principal
Capitalization of (net)Income
Is an appraisal approach where net income is projected to a future date and discounted to today's rates to attract investors.
Commercial Acre
The remainder of an acre of newly subdivided land after deduction of areas devoted to streets, sidewalks, curbs, etc.
Encumbrance
Anything that affects or limits the fee simple title to real property.
Administrator
Appointed by the court when the deceased died without a will