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36 Cards in this Set
- Front
- Back
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Contact |
Voluntary agreement legally competent parties perform OR not perform some legal act |
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express agreement |
Written or oral, parties Express their intentions in words |
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Implied agreement |
Agreement showed by acts and conduct |
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Bilateral |
Both parties promise to do st |
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Unilateral |
One party promises to do st if other party acts |
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Executed |
E/t is done, all promises fullfilled |
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Execytory
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Things still remain to be completed in contact |
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Essentials for VALID CONTRACT |
1.capable parties 2. Lawful object 3.consideration 4.offer and acceptance |
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Offer |
Promise by one party if other party acts in the manner requested |
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Assingnments |
Transfer of rights or duties to a third party |
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Novation |
Substituting a new contact for an old one |
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Contingency |
Term or condition that requires st to happen |
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Earnest money |
Cash deosite that shows buyers intention to carry out terms of contact |
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Counter offer |
Attempt by seller to change terms proposed by buyer |
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Mirror image |
Seller agrees to offer how it was made |
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Liquidated damage |
Amount of money or property agreed upon if one party didn't live up to the terms if the contact |
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Option |
Agreement to keep open, for set period, an offer to sell or lease property |
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Equitable title |
Intrist buyer has in property in btwn time of acceptance of contact and closure |
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Escheat |
If person dies without will and without heirs. Property becomes owned by government |
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Color of title |
Title appears to be clear, but its not |
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Suit to quiet the title |
Court action used to clear a could on a title |
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Testate |
Dying with a will |
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Intestate |
Dying without a will |
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Requirements of will |
Legal age Sound mind Proper wording No undue influence Singed by testator- maker of the will |
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Devise |
To give RE thru a will |
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Bequest |
Transfer of personal property thru will |
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Codicil |
Amendment to a will |
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Holografic |
Will written in testators own handwriting |
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Ways to acquire or transfer property |
1.will 2.succession 3.accession 4.occupancy 5.by transfer |
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How will is done |
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Succsesion |
1.seperate property 2. Community property |
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Accession |
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Occupancy |
Abandonment Prescription Adverse possession |
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Transfer |
Private grant Public grant Gift Taken away by law |
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Types of contract and their legal effect |
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Parol evidence rule |
Says that courts won't judge any contract that is in writing now and b4 had some other oral sich. |
