Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
What is a Contract?
|
An promise made by two people to do or refrain from doing something.
|
|
What are the 5 elements of a contract?
|
1-Legal Capacity
2-Offer by one party 3-Acceptance by the other party 4-Consideration/payment 5-It may have to be in writing |
|
Void Contract
|
One that has no legal effect from inception. (an agreement to do something illegal)
|
|
Voidable Contract
|
One that may be disavowed by one or both parties, depending on the circumstances (Like one signed while intoxicated).
|
|
Unenforceable Contract
|
One valid on its face, but its enforcement would violate some law (An oral contract when law dictates it most be in writting).
|
|
Contracts by Business
Sole Proprietor |
One who acts in his or her own name, or with a spouse
|
|
Contracts by Business
A business entity can make a contract concerning real estate Partnership |
May hold real property in the name of the partnership, the name of one of the partners, or the name of a trustee
|
|
Contracts by Business
A business entity may make a contract concerning real estate Corporation |
Acts through its officers, as authorized by the board of directors. The directors may be personally liable for the actions taken on behalf ot the corporation.
|
|
Revocation
|
An offer may be revoked before it is accepted if the offeror communicates the revocation directly to the offeree
|
|
Affirmative Fraud
|
When it is a deliberate statement of a material fact that the speaker knows to be false and on which the speaker intends another person to rely, to his or her detriment
|
|
Negative Fraud
|
When it is a deliberate concealment of something that should be revealed.
|
|
Actual Fraud
|
Actions with an intent to deceive:
-Sugguest a truth that you know is not -Possitive assertion, belief is not justified -Suppression of truth by one who knows -Promise w/no intent to perform -Any other acto fo deception |
|
Actual Fraud
|
Actions with an intent to deceive:
-Suggest a truth that you know is not -Positive assertion, belief is not justified -Suppression of truth by one who knows -Promise w/no intent to perform -Any other act of deception |
|
Actual Fraud
|
Actions with an intent to deceive:
-Suggest a truth that you know is not -Possitive assertion, belief is not justified -Suppression of truth by one who knows -Promise w/no intent to perform -Any other acto fo deception |
|
Alienate
|
To make the title leave the owner by conveying the title to another.
|
|
Amortization
|
The (1)liquidation of a financial obligation on an installment basis (2)recovery of cost or value over a period of time.
|
|
Blind Ad
|
Advertising by a licensee who does not disclose in the ad that the property is offered through an agent rather than by the principal
|
|
Capitalization of (net)Income
|
Is an appraisal approach where net income is projected to a future date and discounted to today's rates to attract investors.
|
|
Commercial Acre
|
The remainder of an acre of newly subdivided land after deduction of areas devoted to streets, sidewalks, curbs, etc.
|
|
Encumbrance
|
Anything that affects or limits the fee simple title to real property.
|
|
Administrator
|
Appointed by the court when the deceased died without a will
|