South Carolina Contracts, Leases, And Ethics Ch 3,4,6,7,15

Front 1

THE _____RULE IS THE BEST STANDARD FOR ETHICAL CONDUCT.

Back 1

GOLDEN
(TREAT HOW YOU WANT TO BE TREATED)

Front 2

OUR VALUES AS HUMANS COME FROM OUR ____, OUR _____AND OUR ROLE_____.

Back 2

EXPERIENCE
INFLUENCERS
MODELS

Front 3

A _____IS A PROMISE OR AGREEMENT BETWEEN 2 PARTIES TO PERFORM LEGAL ACTS

Back 3

CONTRACT

Front 4

THE BASIS OF A CONTRACT IS A ______.

Back 4

PROMISE

Front 5

AN ____CONTRACT IS ONE WHERE THE TERMS ARE CLEARLY STATED.

Back 5

EXPRESS

Front 6

AN _____CONTRACT IS ONE WHERE TERMS ARE NOT EXPRESSED IN WORDS BUT INSINUATED FROM THE CONDUCT OF THE PARTIES.

Back 6

IMPLIED

Front 7

A______CONTRACT IS ONE WHERE A PROMISE IS EXCHANGED FOR A PROMISE

Back 7

BILATERAL

Front 8

A _____CONTRACT IS ONE WHERE A PROMISE IS EXCHANGED FOR AN ACT.

Back 8

UNILATERAL

Front 9

AN _____CONTRACT IS ONE WHERE SOMETHING REMAINS TO BE DONE BY ONE OR MORE OF THE PARTIES.

Back 9

EXECUTORY

Front 10

AN _____CONTRACT IS ONE WHERE ALL PARTIES HAVE MET THEIR CONTRACTUAL OBLIGATIONS

Back 10

EXECUTED

Front 11

A ___CONTRACT IS NO CONTRACT AT ALL.

Back 11

VOID

Front 12

A _____CONTRACT IS ONE THAT APPEARS TO BE VALID, BUT IN FACT CAN BE BROKEN.

Back 12

VOIDABLE

Front 13

AN _______CONTRACT IS ONE THAT THE LAW RECOGNIZES THE DUTY OF THE PARTIES TO PERFORM, BUT THERE IS NO REMEDY TO A BREACH OF CONTRACT

Back 13

UNENFORCEABLE

Front 14

A VALID CONTRACT MUST CONTAIN 1. ____ASSENT 2. _____CONSIDERATION 3. COMPETENT _____AND 4. _____PURPOSE

Back 14

MUTUAL
LEGAL
PARTIES
LEGAL

Front 15

MUTUAL ASSENT IS WHEN ONE PARTY _____AN OFFER AND ANOTHER PARTY ____AN OFFER

Back 15

MAKES
ACCEPTS

Front 16

TO BE VALID AN OFFER ON A HOME MUST BE ______,_____,AND _______.

Back 16

1. INTENTIONAL(LEGALLY BOUND)
2. DEFINATE(PRICE,TIME,SUBJECT
MATTER)
3. COMMUNICATED

Front 17

AN OFFER ON A HOME CAN BE TERMINATED BY _____BY OFFEREE, _____-OFFER BY OFFEREE, LAPSE OF ____,_____BY OFFEROR, _____OF OFFEROR OR OFFEREE

Back 17

REJECTION
COUNTER
TIME
REVOCATION
DEATH

Front 18

THE WILLINGNESS TO BE BOUND BY THE TERMS OF A HOME BUYING OFFER IS _____AND RESULTS IN MUTUAL ASSENT

Back 18

ACCEPTANCE

Front 19

TO BE VALID, AN ACCEPTANCE ON A HOME OFFER MUST BE ____BY THE OFFEREE, _____TO THE TERMS OF THE OFFER,AND BE _____.

Back 19

COMMUNICATED

Front 20

CONSIDERATION IS THE PRICE PAID FOR A _____.

Back 20

PROMISE

Front 21

INCOMPETENT PARTIES IN A REAL ESTATE DEAL ARE _____,_____,OR ______.

Back 21

MINORS
INSANE
INTOXICATED

Front 22

LEGAL PURPOSE MEANS A CONTRACT WHOSE MANNER ARE CONTRARY TO THE LAW OR PUBLIC POLICY ARE _____AND THEN____.

Back 22

ILLEGAL
VOID

Front 23

THE STATUTE OF FRAUDS PREVENTS FRAUDS AND ____.

Back 23

PERJURIES

Front 24

FRAUD MUST PROVE 4 ELEMENTS.
_____MISSTATEMENT, ______FACT, ______BY ANOTHER, RESULTING IN _____.

Back 24

INTENTIONAL
MATERIAL
RELIANCE
DAMAGE

Front 25

MISREPRESENTATION IS DIFFERENT THAN FRAUD WITH FRAUD BEING _____AND MISREPRESENTATION NOT BEING_____.

Back 25

INTENTIONAL
INTENTIONAL

Front 26

LIST 4 WAYS TO DISCHARGE A SALES CONTRACT.

Back 26

1 PERFORMANCE(DONE DEAL)
2 RELEASE(MUTUAL)
3 RESCISSION(CANCELLATION)
4 ACCORD AND SATISFACTION(NEW CONTRACT)

Front 27

TO CANCEL A SALES CONTRACT IS_____OF A CONTRACT

Back 27

RESCISSION

Front 28

______AND SATISFACTION OF A SALES CONTRACT IS WHEN A NEW AGREEMENT TAKES PLACE OVER THE ORIGINAL

Back 28

ACCORD

Front 29

A _____OF CONTRACT IS THE UNEXCUSED NON-PERFORMANCE OF A CONTRACT.

Back 29

BREACH

Front 30

BREACH OF CONTRACT DAMAGES:
1.
2.
3.

Back 30

NOMINAL(NO REAL ASSESSED DAMAGES INCURRED)
COMPENSATORY(ACTUAL LOSS)
PUNITIVE (TO PUNISH CONDUCT)

Front 31

THE CANCELLATION OF A CONTRACT BECAUSE OF FRAUD OR MISREPRESENTATION IS CALLED_____.

Back 31

RESCISSION

Front 32

______PERFORMANCE IS AWARDED BY THE COURTS AS A LEGAL REMEDY FOR BREACH OF CONTRACT, WHICH REQUIRES THE DEFENDANT TO PERFORM AS PROMISED.

Back 32

SPECIFIC

Front 33

LIQUIDATED DAMAGES ARE CONTRACTUAL AMOUNTS PAID FOR _____OF CONTRACT.

Back 33

BREACH

Front 34

A DEFENDANT IS FORBIDDEN TO DO A CERTAIN ACT BY AN _____.

Back 34

INJUNCTION

Front 35

EXCUSES FOR NON-PERFORMANCE INCLUDE: 1 FRUSTRATION OF _____, ______OF SUBJECT MATTER, ______,_____OR ILLNESS.

Back 35

PURPOSE
DESTRUCTION
MISTAKE
DEATH

Front 36

EXPLAIN FRUSTRATION OF PURPOSE:

Back 36

WHEN THE PURPOSE OF A DEAL IS CLEARLY STATED AND UNFORSEEABLE HAPPENINGS CANCEL THE PURPOSE

Front 37

REFORMATION IS WHEN A CONTRACT IS _______

Back 37

REWRITTEN (BECAUSE OF TECHNICAL ERRORS)

Front 38

_____ MONEY IS A CASH PAYMENT GOOD FAITH DEPOSIT.

Back 38

EARNEST

Front 39

THE RIGHT TO GET A LEGAL TITLE IS CALLED _____TITLE

Back 39

EQUITABLE

Front 40

LEGAL TITLE IS TRANSFERRED BY A DEED OF ______.

Back 40

CONVEYANCE

Front 41

A CLAUSE IN A DEED OR A LEASE THAT RESTRICTS THE USE OF THE PROPERTY IS A ______COVENANT.

Back 41

RESTRICTIVE

Front 42

WHEN "TIME __ __ THE _____" IS IN A CONTRACT, EITHER PARTY MAY DECLARE THE OTHER GUILTY OF BREACH OF CONTRACT

Back 42

IS OF ESSENCE

Front 43

THE PURCHASER OF REAL PROPERTY IS CALLED A _____.

Back 43

VENDEE

Front 44

THE SELLER OF REAL PROPERTY IS CALLED A ______.

Back 44

VENDOR

Front 45

AN _____IS THE RIGHT GIVEN BY A PROPERTY OWNER TO ANOTHER, TO LEASE OR PURCHASE A PROPERTY, AT A SPECIFIC PRICE,WITHIN A SET PERIOD

Back 45

OPTION

Front 46

THE PERSON RECEIVING AN OPTION TO BUY IS THE______

Back 46

OPTIONEE (BUYER)

Front 47

THE PERSON GIVING AN OPTION TO BUY IS THE _____

Back 47

OPTIONOR (SELLER)

Front 48

THE _____FEE BELONGS TO THE OPTIONOR AS SOON AS THE OPTION IS SIGNED.

Back 48

OPTION (DIFFERENT FROM AN EARNEST MONEY DEPOSIT, WHICH IS HELD UNTIL THE DEAL IS COMPLETELY DONE)

Front 49

RIGHT OF FIRST _____IS THE CONTRACTUAL RIGHT TO HAVE 1ST OPPORTUNITY TO PURCHASE OR LEASE A PROPERTY

Back 49

REFUSAL

Front 50

PROPERTY _____IS THE SEGMENT OF REAL ESTATE THAT RELATES TO THE MANAGING, LEASING, MARKETING, AND MAINTENANCE OF PROPERTY

Back 50

MANAGEMENT

Front 51

DOES A PROPERTY MANAGER HAVE TO BE LICENSED?

Back 51

YES