Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
CONTRACT
|
Legally enforceable agreement between compentent parties who agree to perform, or refrain from performing, specified acts.
|
|
|
CONTRACT - REAL ESTATE
|
Listing Contracts, Sales Contracts, Financing Contracts, Option Contracts, Leasing Contracts, Development Contracts, Installment Sales Contracts, Financial Contracts
|
|
|
3 BASIC ELEMENTS OF AN ENFORCEABLE CONTRACT
|
OFFER - ACCEPTANCE - CONSIDERATON
|
|
|
OFFER
|
Promise from one party to enter into a binding agreement with another party, subject to specified terms or conditions.
|
|
|
OFFER
|
Becomes a contract if accepted and if supported by consideration and lack of any contractual defenses.
|
|
|
OFFER TERMINATION
|
WITHDDRAWAL, COUNTEROFFER, REJECTION, LAPSE OF TIME, DEATH & INSANITY
|
|
|
WITHDRAWAL
|
An offeror may withdraw his offer at any time prior to its acceptance by the offeree, unless the offer is contained in a valid option contract.
|
|
|
OFFEREROR
|
The one making the offer
|
|
|
OFFEREE
|
The one receiving the offer
|
|
|
WITHDRAWAL
|
If the offeror withdraws the offer, the offeree no longer has the power to accept it and there can be no contract from the rejected offer.
|
|
|
COUNTEROFFER
|
A new offer by the offeree. By making a coounteroffer, the initial offer is terminated by the offeree's rejection and replaced by a new offer.
|
|
|
COUNTEROFFER
|
A new offer by the offeree - Offeree then becomes the offeror. Offeree and Offeror may switch positions thoughout the negotiation progress.
|
|
|
REJECTION
|
The offeree terminates an offer by rejecting it (expllicitly or by making a counteroffer)
|
|
|
LAPSE OF TIME
|
Some offers terminate automatically if they are not accepted by a deadline establlished by the parties.
|
|
|
LAPSE OF TIME
|
Specifying a deadline for acceptiance is one way to contral an offer after it is communicated.
|
