Contracts

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Counteroffer

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An offer made in response to another offer. The buyer (offer or- one who makes an offer) initially makes an offer to purchase to the seller (offered-one who receives the offer). If the seller makes another offer in response to the initial offer, the sellers a second offer is known as a counteroffer. Under a counter offer, the rolls the initial offeror and offeree or served-the seller comes the offeror and the buyer becomes the offeree with respect to the sellers counteroffer. Often, the offer to purchase is not the only offer exchanged between the buyer and the seller. The seller may make a counteroffer, The buyer may make a counteroffer to the sellers counteroffer, and so on. Like any offer, an offeror May withdraw his offer at any time before the offer accepts it. However, there is no sales contract unless or until one party excepts the others offer.

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Offer

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Basic contract element that consists of a promise from one party to enter into a binding agreement with another party, subject to specify terms or conditions. Once presented, an offer becomes a contract if excepted, supported by consideration, and has a lack of any contractual defenses.

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Evection

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Process by which a landlord to six a court order to remove a tenant from leased premises due to a material breach of a rental agreement (lease) . Evection is also the proper process to regain possession from an adverse processor or tenant at sufferance. See also landlord tenant

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Minor

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One who is under 18 years of age(in most states) in terms of contracting, minors have a limited capacity. As such, contracts by minors are generally voidable. This means that a minor may enter into a contract, but he may escape liability for the contract if he subsequently rejects it. The minor must reject the contract within a reasonable time of becoming an adult, or the contract will be binding. However, contracts with minors for certain necessities like food or clothing are neither Void nor voidable, and the mine are will be held to such contracts.

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Unilateral Contracts

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Contract where a single party promises to perform under specified conditions. Technically, the promise or obligation in a unilateral contract is only a unilateral offer because there is no meeting of the minds unless or until the second party decides to except the offer by performing. A common example of a unilateral contract is a promise to provide a view ward in exchange for specified conduct ($50 reward for the return of my dog) see also bilateral contract

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Front 6

Impossibility

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Contract defense which, if established, excuses A party from performing under an otherwise binding contract if the party can no longer legally preform as agreed (pre-Foreman's must be rendered literally impossible, as in destruction of a home under the purchase agreement.

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Option Contract

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Agreement where a buyer (or a Lessee) contract with the seller (or lessor) for the exclusive privilege (but not obligation) of excepting an offer at a specified price for a specified period of time. Option contract must contain the 3 essential contract elements (offer/acceptance, consideration or money, and lack of any defenses), along with a specified price, the date the option will expire, and a description (legal or not legal) of the property. If exercise, the option contract becomes a purchase agreement ( or lease) . Option contracts are unilateral ( sellers obligated to sell, but buyer is not obligated to buy) see also right of first refusal.

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Front 8

Recession

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Method of terminating the contract by mutual consent and without a breach, which returns contract parties to pre-contract positions. Recession requires the agreement of both parties for a court order to cancel the contract without a breach. Under some state and federal laws, purchasers have a mandated right to rescind A contract for any reason whatsoever for a limited time period. The recession periods, commonly referred to as a "cooling off period's," usually run from 3 to 10 days after contracting. See also truth in lending act (TILA).

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Eminent Domain

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The right of government (both state and federal) to take ownership of private property so long as it is taken for a little Jetta meant public views and just compensation is paid to its owner.Quasi-public organizations, such as utility companies in the railroad, are also permitted by state law to take land for utility lines, Popz, and trucks. Through eminent domain, the state may require land for streets, parks, public buildings, right of ways, and other uses. No private property is exempt from this exercise of government power. See also condemnation and inverse condemnation

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Consideration

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Basic element of contract formation. Consideration is a legal term of art that has a long history of interpretation and disclosure in contract law. However, today it is understood to broadly exist your parties bargain with one another to exchange promises. Without consideration, there is merely a one-sided promise to act out of charity, and courts are reluctant to enforce charitable promises. Through this bargaining process, both parties agree (promise) to do or not to do something, like deliver goods and exchange for payment. The thing that both parties agree to do not or not to do is the essence of consideration. If a person promises to give away property without any consideration (gift promise) , But later changes his mind, the one sided promise could be unforeseeable. Once again, courts are reluctant to find someone to perform a charitable act, even if they so promise. See also a gift deeds.

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