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21 Cards in this Set
- Front
- Back
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Contract |
a volintan agreement or promise between legally competent parties. must be voluntary, supported by lawful consideration, and for a legal act |
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Implied contract |
the agreement of the parties is dementrated by their acts and conduct |
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Expressed contract |
the parties state the terms and show their intentions in words, either oral or written |
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Bilateral contract |
Both parties promise to do something |
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Unilateral contract |
one party makes a promise to entice a second party to do something |
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Executed contract |
All parties have full filled their promises; contract has been performed |
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Executory contract |
when one or both parties still have an act to perform |
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Elements of a contract |
offer and acceptance, Consideration, legally competent parties, Consent, Legal purpose |
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Consideration |
something of legal value offered by one party and accepted by another |
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Assignment |
transfer ct rights to different parties |
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Novation |
New contract |
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Breach of contract |
A violation of any terms and conditions of a contract |
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Suit for specific performance |
Buyer asks the courts to force the seller to go through with the sale and transfer the property as previously agreed. Buyer may sue for damages, where seller pays for any costs and hardship |
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Recession |
Returns the parties to their original positions before the contract, so any monies or property exchanged must be returned |
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Real estate Sales contracts Include |
sales prices and terms, description of property and improvements, condition of title and deed, kind of title, all terms and agreements including contingencies |
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Equitable Title |
The interest held by a vendee(buyer) under a contract for deed or an Installment contract in which title is not immediately transferred. right to obtain absolute ownership to property when legal title is held in another's name |
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Liquidated Damages |
The parties agree on certain amount of money that will compensate the nonbreaching party |
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Amendment |
A change or modification to the existing content of a contract |
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Addendum |
Any prousions added to an existing contract that may change or be an addition to the original |
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option |
A contract by which an owner gives a tenant/purchaser the right to buy or lease the owner's property for a fixed price within a Certain period of time |
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Purchase money mortgage |
The buyer receives title to the property but places a security interest on it |
