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12 Cards in this Set

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There are many legal remedies when a contract is
Breached (default)

partial performance, terminate by mutual agreement and/or stronger legal remedies
Texas RE Sales Contract remedies are
Liquidated Damages, Specific Performance and Sue for Actual / Economic Damages
When "damages" are agreed to in advance and would be "earnest money" as related to the RE Sales Contract is
Liquidated Damages
The contract is cancelled it is called
Recission
The receipt of earnest money "restores" the other party back to their original position is called
Restitution
This approach allows one party to "force" the other party to perform based on the terms of the contract is called
Specific Performance
The law or set of laws that require contracts to be in writing is called the
Statute of Frauds
Buyer must compensate his or her agent whenever purchasing a property described w/in the designated contract period
Exclusive Right Agreement
Buyer's agent is assured of buyer loyalty relative to any other agents - however buyer may purchase w/o assistance from agent and thus w/o any compensation due to buyer's agent
Exclusive Agreement
Buyer can work w/ more than one buyer's agent at the same time but owes compensation only if the buyer uses the services of a buyer's broker - Procuring Cause
Open Agreement
All listing and buyer agency agreements are between
broker and client

-not salesperson-
Contract by which the owner (optionor) gives the prospective buyer (optionee) the right to buy at a fixed price w/in a period of time (time is of the essence) - optionee pays the fee for this right and assumes no obligation to make any other payment until optionee decides to either exercise the option right or allow the option to expire is called an
Option Agreement