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18 Cards in this Set

  • Front
  • Back
A voluntary agreement between legally competent parties to do or not to do some legal act which must by supported by legal consideration and can be enforced by a court is called a
Must be legal age and mentally competent
Competent Parties
(mutual assent) must be a "meeting of the minds" - Any offer may be withdrawn at any time prior to acceptance is
Offer & Acceptance
Purpose must be Legal
Legality of Contract
act or promise therof, which is offered by one party to induce another party to enter into a contract; earnest money is not necessary for purposes of creating a binding contract
Must by Correct
Legal Description of Real Estate
In Writing and signed by party to be charged - required for all real estate contracts (unless less than 1 yr.) is called the
Statute of Frauds
parties state terms and show intentions in words - may be either oral or written is what type of contract
Agreement demostrated by acts or conduct is what type of contract
both parties to do something; exchange of promises (consideration) is what type of contract

"Promise exchanged for a Promise"
only one party makes a promise - if second complies - first party is obligated to keep promise - such as an option or open listing - no exchange of promises - its what type of contract

"Promise exchanged for Performance"
when both parties have fulfilled their promises and thus performed the contract it is what type of contract
something remains to be done by one or both parties it is what type of contract
Clause wich allows a party to "escape" if certain requirements are not met - such as inablity to get a loan
Contingency Clause
complies with all essentials of a contract; binding and enfoceable on both parties it is said to be
lacks an essentail element of a valid contract; has no legal effect it is said to be
appears to be valid on its surface but may be disaffirmed b/c one of the parties signed when a minor - or when under duress or as a result of fraud or misrepresentation it is said to be
appears to be valid; but neither party may sue the other to force performance; ex. an oral agreement to pay a commission - it is said to be