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6 Cards in this Set
- Front
- Back
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contract
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a voluntary agreement between two or more legally competent parties, supported the parties agreeing to do, or refrain from doing, some legal act.
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consideration
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the parties agree to do, or regrain from doing, some legal act.
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statute of frauds
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governs most real estate contracts in NJ. created to prevent perjury, forgery, and dishonest conduct.
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unilateral contract
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a promise is made by one party to induce some act or performance on the part of the other. (includes option contract)
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bilateral contract
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both parties mutually exchange the promises, and the contract becomes binding at the time of the agreement. (most RE contracts are this type)
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valid contract
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one that satisfies all the legal requirements of a contract; has all the essential elements required by law.
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