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79 Cards in this Set
- Front
- Back
abrogation
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to nullify or replace Signing of the closing documents nullifies the REPC except for warranties which extend beyond the closing date
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"As Is" clause
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usually refers to the buyer accepting the property in its present condition AS REPRESENTED by the seller
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Assignnent of Contract
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One party in a contract subtitutes another party in its place
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Bilateral Contract
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a contract where a promise is exchanged for a promise= "I will give you $$ if you give me the deed to your house"
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Communication
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the process of notifying the offeror thet the offer has been accepted. acceptance is NOT complete until this occurs.
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Attachment
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the legal process of siezing real or personal property of a defendant in a lawsuit by levy.
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Competecy or Capacity
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each party is able to understand the terms of a contract and make a rational decision to enter into it
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consideration
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each party makes a sacrifice and each party gains a benefit
one of the essential elements of a contract |
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consructive fraud
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a party misrepresents innoccently but could have avoided it with reasonable care
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contingency clause
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subject to-parties limit their liability if certain events occur. Acts must be completed before contract is binding. IE: fix bathroom sink before closing
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contract
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a legally enforcable agreement between parties who agree to perform or refrain from performing certain acts.
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counter offer
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a response to an offer where the offeree changes the terms of the offer and becomes the offeror sending the offer to the original offeror.
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damages
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a monetary amount ordered by the court for actual losses suffered
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duress/undue influence
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the use of force to obtain agreement. can be phisical or emotional
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enforceability
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the issue of whether a contract dispute could be taken to court to settle.
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Execute
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to pit a contract into effect by signing
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executed contract
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a contract with all the terms completed by all the parties
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executory contract
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a contract that is not fully performed but which is nto in default
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fraud
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an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value
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good consideration
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consideration given in the form of love, loualty, friendship etc.
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judgement
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the decision given by the court after the case has been heard
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legal purpose
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all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.
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liquidated damages
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a clause written into a contract anticipating a breach in the contract. IE late penalties
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mediation
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a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract
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mutual agreement*
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the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element
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negative or passive intentional fraud
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covert fraud, hiding information, don't ask, dont tell/
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Novation
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substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.
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Parol Evidence Rule
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when a written contract exists, all oral agreements before or agter the writing have no legal existance
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positive intentional fraud
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overtly lied, intentionally directly misrepresented facts pertinent to a contract.
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puffing
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exaggeration, not misrepresentation
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Rescission
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annulment of existing contract sometimes referred to as a contract to end a contract.
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specific performance
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a legal remedy requiring the party to perform as agreed in the contract
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statute of frauds
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exists to prevent fraud states that cartain contracts must be in writing to be valid. REAL ESTATE CONTRACTS
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Tender
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another term for the process of making an offer
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time is of the essence
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the clause in a contravt that states all dates are firm and non performance by the date may create a voidable conttract.
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undue influence
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taking advantage of another person because you hold a unique position of trust.
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unilateral contract
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promise is exchanged for a performance-broker/agent relationship.
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valid contract
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a contract that contains all essential elements of a contract and is therefore bindable to all parties
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valuable consideration
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consideration in the form of monet, services, promises, or real or personal property.
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void contract
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a contract that lacks one or more of the essentiol elements of a contract and is therefore not bindable on all parties
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voidable contract
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one of the parties can challenge one or more of the essential elements of the contract and threfore has the right to disaffirm the contract.
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Execute
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to pit a contract into effect by signing
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executed contract
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a contract with all the terms completed by all the parties
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executory contract
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a contract that is not fully performed but which is nto in default
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fraud
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an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value
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good consideration
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consideration given in the form of love, loualty, friendship etc.
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judgement
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the decision given by the court after the case has been heard
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legal purpose
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all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.
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liquidated damages
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a clause written into a contract anticipating a breach in the contract. IE late penalties
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mediation
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a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract
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mutual agreement*
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the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element
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negative or passive intentional fraud
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covert fraud, hiding information, don't ask, dont tell/
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Novation
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substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.
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Parol Evidence Rule
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when a written contract exists, all oral agreements before or agter the writing have no legal existance
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positive intentional fraud
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overtly lied, intentionally directly misrepresented facts pertinent to a contract.
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puffing
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exaggeration, not misrepresentation
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Execute
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to pit a contract into effect by signing
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executed contract
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a contract with all the terms completed by all the parties
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executory contract
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a contract that is not fully performed but which is nto in default
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fraud
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an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value
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good consideration
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consideration given in the form of love, loualty, friendship etc.
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judgement
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the decision given by the court after the case has been heard
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legal purpose
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all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.
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liquidated damages
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a clause written into a contract anticipating a breach in the contract. IE late penalties
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mediation
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a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract
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mutual agreement*
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the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element
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negative or passive intentional fraud
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covert fraud, hiding information, don't ask, dont tell/
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Novation
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substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.
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Parol Evidence Rule
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when a written contract exists, all oral agreements before or agter the writing have no legal existance
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positive intentional fraud
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overtly lied, intentionally directly misrepresented facts pertinent to a contract.
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puffing
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exaggeration, not misrepresentation
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tender
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another term for the process of making an offer
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time is of the essence
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clause that states all dates are firm. non-performance may void contract
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undue influence
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using unique position of authority as an unfair advantage
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unilateral contract
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promise is exchanged for a performance. broker/agent
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valid contract
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contains all essential elements and is legally binding on all parties
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valuable consideration
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consideration in the form of something of value
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void contract
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a contract that lacks one or more essential element and is not binding on a ll parties
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voidable contract
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one of the parties can challege one or more of the essential elements of the contravt and therefore has the right to affirm or disaffirm the contract.
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