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20 Cards in this Set
- Front
- Back
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Forbearance |
The act of refraining from taking legal action despite the fact that payment is in arrears. |
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Consideration |
Something of legal value offered by one party and accepted by another as an inducement to perform or refrain from performing some act. |
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Optionor |
Fill in |
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Optionee |
The |
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Contract |
A legally enforceable agreement between competent parties who agree to do or not do something. |
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Offeror |
Person making the proposal. |
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Novation |
The |
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Breach |
The |
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Offeree |
The person considering the offer. |
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Earnest deposit |
The |
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Rescission |
The act of canceling the contract and returning the parties to their original positions. |
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Laches |
Delay in asserting one's rights. |
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Rescission |
The |
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Laches |
The |
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Contingencies |
The |
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Novation |
Substituting a new contract for an existing contract. |
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Breach |
When either party defaults on a contract. |
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Vendee |
The |
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Parol Evidence Rule |
Part of statute of frauds which says a document must stand on its written word and cannot have additional oral terms. |
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Counter Offer |
Deviation from the terms of the offer and considered a rejection of the original offer. |
