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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
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Contract
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Must be legal age and mentally competent
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Competent Parties
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(mutual assent) must be a "meeting of the minds" - Any offer may be withdrawn at any time prior to acceptance is
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Offer & Acceptance
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Purpose must be Legal
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Legality of Contract
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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
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Consideration
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Must by Correct
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Legal Description of Real Estate
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In Writing and signed by party to be charged - required for all real estate contracts (unless less than 1 yr.) is called the
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Statute of Frauds
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parties state terms and show intentions in words - may be either oral or written is what type of contract
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Expressed
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Agreement demostrated by acts or conduct is what type of contract
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Implied
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both parties to do something; exchange of promises (consideration) is what type of contract
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Bilateral
"Promise exchanged for a Promise" |
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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
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Unilateral
"Promise exchanged for Performance" |
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when both parties have fulfilled their promises and thus performed the contract it is what type of contract
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Executed
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something remains to be done by one or both parties it is what type of contract
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Executory
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Clause wich allows a party to "escape" if certain requirements are not met - such as inablity to get a loan
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Contingency Clause
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complies with all essentials of a contract; binding and enfoceable on both parties it is said to be
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Valid
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lacks an essentail element of a valid contract; has no legal effect it is said to be
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Void
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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
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Voidable
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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
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Unenforcable
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