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9 Cards in this Set
- Front
- Back
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PURCHASE AGREEMENT |
A contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase price. Also called a deposit receipt, sales contract, or contract of sale |
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BACKUP OFFER |
An offer that's contingent on the failure of a previous sales contract |
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COUNTEROFFER |
A response to a contract offer, changing some of the terms of the original offer. It operates as a rejection of the original offer (not as an acceptance) |
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REVOKING AN OFFER |
When someone who made an offer withdrawals the offer; as when a buyer withdraws his offer to purchase property |
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ACCEPTANCE |
Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract |
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MAILBOX RULE |
A common law rule under which an acceptance communicated by mail is effective when the message has been sent (put into the mailbox), even though the offeror won't receive it right away |
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CANCELLATION |
Termination of a contract without undoing acts that have already been performed under the contract |
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GOOD FAITH DEPOSIT |
A deposit that a perspective buyer give the seller as evidence of her good faith intent to complete the transaction |
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LIQUID DAMAGES |
A sum that the parties to a contract agree in advance (at the time the contract is made) will serve as full compensation in the event of a breach |
