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21 Cards in this Set

  • Front
  • Back
Reasonable time is used - stated on contract
Time to Perform
Stated in contract - then exact time frames must be adhered to is
"Time is of the Essence"
courts will strive to construe a contract is valid until proof to the contrary is made
Presumption of Validity
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
Four Corners Doctrine
outside evidence may not be introduced to change the contract
Parol Evidence Rule
terms of real estate contract "merge" into the deed of closing -
Doctrine of Merger
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
Doctrine of Relation Back
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
Interlineation / Deletions
if a contract is uncertain in its phrasing it may be construed against the maker
Construed Against Maker
Handwritten # 1
Typed #2
Preprinted #3
Printed v. Typed v. Handwritten
legal doctrine which stops people from enforcing a contract when they wait an unreasonable time to enforce their rights -
Laches
What are the Statute of Limitations in Texas
Texas - 4 years for written contracts
and
2 years for oral contracts
must be "legally sufficient" to staisfy court is a
Legal Description
A lease is used to transfer - landlord has reversion after lease terminates - you have what
Possession
When a real estate sales contract is signed by both parties the buyer has what type of title
Equitable Title
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
Legal Title
All terms carried out
Completed Performance
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
Partial Performance
party remains liable b/c the contract was not completed exactly as required it is said to be
Substantial Performance
both parties agree to cancel
Mutual Agreement / Recission
voided by law (minor, fraud, expiration) death or incapacity of one of the parties, bankruptcy and/or change in law
Operation of Law