Utre-Contracts 1&2

Front 1

abrogation

Back 1

to nullify or replace Signing of the closing documents nullifies the REPC except for warranties which extend beyond the closing date

Front 2

"As Is" clause

Back 2

usually refers to the buyer accepting the property in its present condition AS REPRESENTED by the seller

Front 3

Assignnent of Contract

Back 3

One party in a contract subtitutes another party in its place

Front 4

Bilateral Contract

Back 4

a contract where a promise is exchanged for a promise= "I will give you $$ if you give me the deed to your house"

Front 5

Communication

Back 5

the process of notifying the offeror thet the offer has been accepted. acceptance is NOT complete until this occurs.

Front 6

Attachment

Back 6

the legal process of siezing real or personal property of a defendant in a lawsuit by levy.

Front 7

Competecy or Capacity

Back 7

each party is able to understand the terms of a contract and make a rational decision to enter into it

Front 8

consideration

Back 8

each party makes a sacrifice and each party gains a benefit
one of the essential elements of a contract

Front 9

consructive fraud

Back 9

a party misrepresents innoccently but could have avoided it with reasonable care

Front 10

contingency clause

Back 10

subject to-parties limit their liability if certain events occur. Acts must be completed before contract is binding. IE: fix bathroom sink before closing

Front 11

contract

Back 11

a legally enforcable agreement between parties who agree to perform or refrain from performing certain acts.

Front 12

counter offer

Back 12

a response to an offer where the offeree changes the terms of the offer and becomes the offeror sending the offer to the original offeror.

Front 13

damages

Back 13

a monetary amount ordered by the court for actual losses suffered

Front 14

duress/undue influence

Back 14

the use of force to obtain agreement. can be phisical or emotional

Front 15

enforceability

Back 15

the issue of whether a contract dispute could be taken to court to settle.

Front 16

Execute

Back 16

to pit a contract into effect by signing

Front 17

executed contract

Back 17

a contract with all the terms completed by all the parties

Front 18

executory contract

Back 18

a contract that is not fully performed but which is nto in default

Front 19

fraud

Back 19

an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value

Front 20

good consideration

Back 20

consideration given in the form of love, loualty, friendship etc.

Front 21

judgement

Back 21

the decision given by the court after the case has been heard

Front 22

legal purpose

Back 22

all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.

Front 23

liquidated damages

Back 23

a clause written into a contract anticipating a breach in the contract. IE late penalties

Front 24

mediation

Back 24

a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract

Front 25

mutual agreement*

Back 25

the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element

Front 26

negative or passive intentional fraud

Back 26

covert fraud, hiding information, don't ask, dont tell/

Front 27

Novation

Back 27

substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.

Front 28

Parol Evidence Rule

Back 28

when a written contract exists, all oral agreements before or agter the writing have no legal existance

Front 29

positive intentional fraud

Back 29

overtly lied, intentionally directly misrepresented facts pertinent to a contract.

Front 30

puffing

Back 30

exaggeration, not misrepresentation

Front 31

Rescission

Back 31

annulment of existing contract sometimes referred to as a contract to end a contract.

Front 32

specific performance

Back 32

a legal remedy requiring the party to perform as agreed in the contract

Front 33

statute of frauds

Back 33

exists to prevent fraud states that cartain contracts must be in writing to be valid. REAL ESTATE CONTRACTS

Front 34

Tender

Back 34

another term for the process of making an offer

Front 35

time is of the essence

Back 35

the clause in a contravt that states all dates are firm and non performance by the date may create a voidable conttract.

Front 36

undue influence

Back 36

taking advantage of another person because you hold a unique position of trust.

Front 37

unilateral contract

Back 37

promise is exchanged for a performance-broker/agent relationship.

Front 38

valid contract

Back 38

a contract that contains all essential elements of a contract and is therefore bindable to all parties

Front 39

valuable consideration

Back 39

consideration in the form of monet, services, promises, or real or personal property.

Front 40

void contract

Back 40

a contract that lacks one or more of the essentiol elements of a contract and is therefore not bindable on all parties

Front 41

voidable contract

Back 41

one of the parties can challenge one or more of the essential elements of the contract and threfore has the right to disaffirm the contract.

Front 42

Execute

Back 42

to pit a contract into effect by signing

Front 43

executed contract

Back 43

a contract with all the terms completed by all the parties

Front 44

executory contract

Back 44

a contract that is not fully performed but which is nto in default

Front 45

fraud

Back 45

an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value

Front 46

good consideration

Back 46

consideration given in the form of love, loualty, friendship etc.

Front 47

judgement

Back 47

the decision given by the court after the case has been heard

Front 48

legal purpose

Back 48

all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.

Front 49

liquidated damages

Back 49

a clause written into a contract anticipating a breach in the contract. IE late penalties

Front 50

mediation

Back 50

a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract

Front 51

mutual agreement*

Back 51

the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element

Front 52

negative or passive intentional fraud

Back 52

covert fraud, hiding information, don't ask, dont tell/

Front 53

Novation

Back 53

substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.

Front 54

Parol Evidence Rule

Back 54

when a written contract exists, all oral agreements before or agter the writing have no legal existance

Front 55

positive intentional fraud

Back 55

overtly lied, intentionally directly misrepresented facts pertinent to a contract.

Front 56

puffing

Back 56

exaggeration, not misrepresentation

Front 57

Execute

Back 57

to pit a contract into effect by signing

Front 58

executed contract

Back 58

a contract with all the terms completed by all the parties

Front 59

executory contract

Back 59

a contract that is not fully performed but which is nto in default

Front 60

fraud

Back 60

an act intended to deceive, or misrepresent to gain unfair or dishonest advantage over another and iduce them to give up something of value

Front 61

good consideration

Back 61

consideration given in the form of love, loualty, friendship etc.

Front 62

judgement

Back 62

the decision given by the court after the case has been heard

Front 63

legal purpose

Back 63

all contracts must be in agreement with public policy or law. IE: leasing a building to someone knowing they will use it for a casino.

Front 64

liquidated damages

Back 64

a clause written into a contract anticipating a breach in the contract. IE late penalties

Front 65

mediation

Back 65

a non-binding process of meeting with neutral 3rd party to try and resolve dispute between two principals in a transaction or contract

Front 66

mutual agreement*

Back 66

the parties have come to a meeting of the minds. an offer is tendered and accepted. *essential element

Front 67

negative or passive intentional fraud

Back 67

covert fraud, hiding information, don't ask, dont tell/

Front 68

Novation

Back 68

substituting one obligor in place of another, requires agreement from all parties involved but once agreement is made, the original obligatee is released from contract.

Front 69

Parol Evidence Rule

Back 69

when a written contract exists, all oral agreements before or agter the writing have no legal existance

Front 70

positive intentional fraud

Back 70

overtly lied, intentionally directly misrepresented facts pertinent to a contract.

Front 71

puffing

Back 71

exaggeration, not misrepresentation

Front 72

tender

Back 72

another term for the process of making an offer

Front 73

time is of the essence

Back 73

clause that states all dates are firm. non-performance may void contract

Front 74

undue influence

Back 74

using unique position of authority as an unfair advantage

Front 75

unilateral contract

Back 75

promise is exchanged for a performance. broker/agent

Front 76

valid contract

Back 76

contains all essential elements and is legally binding on all parties

Front 77

valuable consideration

Back 77

consideration in the form of something of value

Front 78

void contract

Back 78

a contract that lacks one or more essential element and is not binding on a ll parties

Front 79

voidable contract

Back 79

one of the parties can challege one or more of the essential elements of the contravt and therefore has the right to affirm or disaffirm the contract.