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10 Cards in this Set

  • Front
  • Back
Executed contract
All parties have fulfilled their promises
Executory contract
Some items of a contract have yet to be fulfilled
Can an unenforceable contract still be fulfilled?
Yes, but if one party breaches, there can be no remedy
4 elements for a valid contract:
1) Sane parties, 2) Consideration, 3) Not illegal, 4) Offer and agreement (consent of parties)
Statute of frauds says all contracts involving real estate must:
be in writing and signed
Parol evidence rule
No oral agreements that contradict (as opposed to clarify) terms in a written contract are enforceable
"Time is of the essence" means:
The contract must be performed within a specified time period and if it is not, the parties will be liable
Assignment (contract law)
Transfer of rights to a third party
Novation (contract law)
New contract superseding the old
Cancelling a contract