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24 Cards in this Set
- Front
- Back
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A verbal contract is called a
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• Parol contract
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An unenforceable contract is often a contract that is
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• oral
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A contract that does not meet legal requirements and is not binding on either party is
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• void
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A contract that is voidable but has not yet been rescinded is
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• valid
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A sales bonus offered to sales persons by a company is a
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• Expressed contract
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A sales bonus offered to sales persons by a company is an
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• unilateral contract
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Requirements for a valid contract are: CALL
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• C- CONSIDERATION
• A- AGREEMENT • L- LEGALL COMPETENT PARTIES • L- LEGAL OBJECTIVE |
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If a seller agrees to give his home to the buyer promises to give him money. This is known as
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• consideration
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The party who makes an offer is called the
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• “OR” offeror
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The party who the offer is made to is called the
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• “EE” offeree
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In the case of a mistake in material fact resulting in no mutual agreement the contract is
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• void
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A contract which does not have legal objective is
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• void
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In a contract the transfer of one’s interest to another person is called an
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• assignment
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Only __________contracts can be assigned
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executory
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Once an assignment is made the person responsible for performance under the contract is the
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• assignor
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When a new contract is introduced through novation the old contract
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• terminates
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When a home buyer assumes an existing loan and the lender releases the original borrower it is called
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• novation
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In the event of a death the real estate contract will
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• not be affected
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Exercising the option occurs when the optionee
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• chooses to buy the property
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The broker collects the commission at closing but it is earned when the option is
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• Exercised
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Option contracts are assignable
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• unless prohibited in the contract
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During the option period the optioner holds the
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• legal title
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A contract of sale accepted by the seller with the stated understanding that the seller has already accepted a prior offer is a
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• back-up contract
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Installment contracts are
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• Land contracts
• contract for deed • contract for title are |
