State Exam Ch 11

Front 1

Chapter 11

Assignment

Back 1

Transfer of interest, in a contract, to a third party. Mortgage, lease, or other instrument.

Front 2

Bilateral contract

Back 2

Contract, with a promise by each party.

Front 3

Breach of contract

Back 3

Violation, of any term, or conditions, in a contract, without a legal excuse.

Front 4

Competent parties

Back 4

Those, legally qualified, to enter into, a contract.

Front 5

Consideration.

Back 5

What, parties, promise, in the agreement, to give or receive, from each other. May consist of, legal tender, exchange of value, or love and affection.

Front 6

Counter offer

Back 6

Offer, return to the buyer, with changes, made by, the seller.

Front 7

Contract

Back 7

An agreement, made by, competent parties, with adequate consideration, to take, or to refrain, from some action.

Front 8

Earnest money

Back 8

Buyer's deposit, with purchase contract. Money deposited, buy a buyer, that is applied, to the purchase price, if the sale, is closed.

Front 9

Equitable Title

Back 9

Interest held, by a vendee, under a land contract, or an installment contract.

Right to obtain, absolute ownership, to property, when legal title, is held, in another name.

Front 10

Escape clause

Back 10

Protection, for the seller, when the buyer, has, another house to sell.

Front 11

Executed contract

Back 11

Contract, that has been, fulfilled.

Front 12

Executory contract

Back 12

Contract, that has not yet, been preformed.

Front 13

Express contract

Back 13

Oral, or written contract in which the parties, State the contract terms, and express, their intentions, in words.

Front 14

Implied contract

Back 14

Contract, not put, into words, but shown by actions. Example, Gas Station, or restaurant.

Front 15

Land contract

Back 15

Agreement, under which, the buyer pays, in installments, and waits, for the deed. The seller, still owns, the land.

Front 16

Liquidated damages

Back 16

Sum, agreed on, to serve as damages, in case of, future default

Front 17

Novation

Back 17

Substitution, of a new contract, for an existing one.

Front 18

Offer and acceptance

Back 18

Essential components, of a valid contract, meeting of the Minds, when all parties, agree, to, exact terms.

Front 19

Option

Back 19

Contract, binding one party, while the other party, is free to act, or, not act.

Front 20

Parol evidence rule

Back 20

Written contract, overrides, spoken promises.

Front 21

Status quo

Back 21

Existing state of affairs

Front 22

Specific performance

Back 22

Court action, asking that the parties, complete the transaction, as contracted. Usually asking, that the seller, be forced to sell, as agreed.

Hint 22

,

Front 23

Statute of limitations

Back 23

The period of time, certain actions, can be brought, to court.

Front 24

Time is of the essence

Back 24

Contract clause, requiring punctual performance

Front 25

Unenforceable contract

Back 25

Seemingly, valid contract, but neither party, can sue, to force performance.

Front 26

Statute of frauds

Back 26

Law, requiring, certain contracts, be and writing. Example: Deeds, real estate sales contracts, leases.

Front 27

Unilateral contract

Back 27

An agreement, that is binding, on only one, of the parties. One sided promise, valid only, if the other party Acts.

Front 28

Valid contract

Back 28

Contract, that meets all, legal requirements.

Front 29

Void contract

Back 29

Contract, that does not meet, all, legal requirements.

Front 30

Voidable contract

Back 30

Contract, that seems to be valid, on the surface, but may be rejected, or disaffirmed, by one of the parties.

Front 31

Legally enforceable agreement, under which two parties, agree to do something, for each other, is known, as?

Back 31

A valid contract

Front 32

A contract, is said to be, bilateral, if?

Back 32

All parties, to the contract, are bound to act.

Front 33

Consideration, given in exchange, for a sales contract, might take the form, of?

A. A down payment and note.

B. A purchase money mortgage.

C. Cash.

D. All of the above.

Back 33

Answer.

D. All of the above.

Front 34

New Jersey, real estate brokers, and their salespersons, may fill in, sales contract forms, for?

Back 34

1 to 4 Family Properties.

Front 35

Buyers have a seven-day period, in which they may cancel, sales contracts, on?

Back 35

Certain Condominiums.

Front 36

In New Jersey, a valid contract, for the sale of, real estate, must include?

Back 36

An adequate, description of the property.

Chapter 11