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41 Cards in this Set

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caveat exemptor
let the buyer beware
contract
agreement between competent legal parties to do or refrain from some legal act in exchange for consideration
Types of contracts
express, implied, unilateral, bilateral, executory, executed, valid, void, voidable
express contract
written or verbal parties agree to terms
implied contract
inferred from behavior of the parties
unilateral contracts
only one bound by contract
bilateral contracts
both parties have agreed to terms of contracts
executory contracts
signed, not yet performed
valid contracts
binding and enforcable on all parties to the contract, with all essential elements
void contracts
no legal force or effect
voidable contracts
may or may not be legally enforceable. legal requirement not met in negotiation
Essential elements of a contract:
competent parties, voluntary mutual agreement, lawful objective, consideration, written format
competent
18 at least; mentally/emotionally syable
Ways to discharge contracts
agreement of the parties, full performance, impossibility of performance, or operation of law
novation
substitute a new contract for an old
assignment
replace a party on a contract
Operations of law can discharge a contract when...
statute of limitations, bankruptcy, or alteration of contract
Contracting remedies against default...
specific performace, rescission, compensatory damages, liquidated damamges, reformation, and injunction.
specific performance
court order stating the contract will be completed as originally agreed
rescission
to take back, remove, annul, or abrogate. court orders the parties placed back in their original positions as if the contract has never existed.
compensatory damages
rewarded by court for loss suffered from breach bc not in contract
liquidated damages
in contract an agreed amount of money in case of breach of contract
reformation
doctrine permitting the court to rewrite a contract which expresses the true intentions of the parties. *clerical era usually
Injunction
court order stipulating that a party must discontinue a specific act or behavior
Offer and acceptance
an accepted offer to purchase
counteroffer
acceptance that varies from the offer
earnest money deposit
shows the sincerity of the buyer, financial capability, and serves as possible liquidated damages to the seller in the event of default by the buyer.
contingencies
a condition in a contract that gives
riders
presale and postsale rental agreements supplementing the contracts
"as is"
without warranty as to condition and in present condistion subject to reasonable use, wear, and tear between the date of the contract and the closing date.
time is of the essence
closing must take place the day before or same day that is wrotten on the contract
The cooperative apartment in _________property
personal; use a proprietary lease
Uniform Commercial COde
provides for the lender to reatin a security interest in the personal property or chattel until the lender is paid in full.
Condominium contracts have a right of refusal
allows the condiminium association to have the first opp. to purchase.
Binder
written outline of the scope of the real estate transaction. Agreement to pay
Installment Sales contract
buyer contracts to obtain legal title to the property by paying the purchase price in installments and deed transfered after paid in full
forebearance
refreaining from taking legal action for payment of a mortgage despite it being due.
lease with option to buy
owner sells the right to purchase the property to an optionee at a particular price for a specific time. express unilateral. Usually tied to a lease.
optionor
owner
right of first refusal
allows the holder a right to purchase/lease a property if another lessee comes along
broker entitled to commission if he produces.....
-a ready, willing, able buyer

-buyer whom seller accepts