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21 Cards in this Set
- Front
- Back
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Reasonable time is used - stated on contract
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Time to Perform
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Stated in contract - then exact time frames must be adhered to is
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"Time is of the Essence"
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courts will strive to construe a contract is valid until proof to the contrary is made
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Presumption of Validity
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all parts of the contract will be read in light of each other - cannot take provisions of the contract out of context is called the
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Four Corners Doctrine
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outside evidence may not be introduced to change the contract
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Parol Evidence Rule
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terms of real estate contract "merge" into the deed of closing -
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Doctrine of Merger
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delivery of deed relates back to the date it was originally deposited w/ the escrow agent - thus death of grantor after delivery of deed would not terminate transaction is called
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Doctrine of Relation Back
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writing in a new part of contract or striking out a part of contract is valid when such changes are initialed or signed by all parties on contract is called
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Interlineation / Deletions
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if a contract is uncertain in its phrasing it may be construed against the maker
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Construed Against Maker
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Handwritten # 1
Typed #2 Preprinted #3 |
Printed v. Typed v. Handwritten
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legal doctrine which stops people from enforcing a contract when they wait an unreasonable time to enforce their rights -
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Laches
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What are the Statute of Limitations in Texas
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Texas - 4 years for written contracts
and 2 years for oral contracts |
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must be "legally sufficient" to staisfy court is a
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Legal Description
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A lease is used to transfer - landlord has reversion after lease terminates - you have what
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Possession
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When a real estate sales contract is signed by both parties the buyer has what type of title
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Equitable Title
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Evidence of ownership (right to or ownership of property) - transferred when deed is delivered by grantor and accepted by grantee is what type of title
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Legal Title
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All terms carried out
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Completed Performance
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parties can agree that the work performed is "close enough" to complete but does not meet the details of the contract - they can discharge is called
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Partial Performance
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party remains liable b/c the contract was not completed exactly as required it is said to be
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Substantial Performance
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both parties agree to cancel
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Mutual Agreement / Recission
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voided by law (minor, fraud, expiration) death or incapacity of one of the parties, bankruptcy and/or change in law
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Operation of Law
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