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79 Cards in this Set

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