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Definition
| an agreement enforceable by law |
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| acting honestly without deception |
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| One rather / A promise is made and the acceptance of said promise is via an action |
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| Two Way Contract / Promise is made in exchange for a Promise |
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Definition
| one that has been fully performed |
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| Contract yet to be fully performed but is not in default |
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| one specifically agreed to,either orally or written |
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Term
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Definition
| based on the words or actionns of the parties even though a specific agreement is not stated |
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Term
| Four / Five Requirements to make a contract valid |
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Definition
(1.) Competent parties
(2.) Legal purpose
(3.) Agreement / mutual assest or agreement
(4.) Consideration parties must give or promise something of value.
(5.) Statute of Frauds |
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Term
| Conditions that usually require a contract be in writting |
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Definition
(1.) All of real estate
(2.) Leases for more than a year
(3.) When the contract cannot be fully performed within one year
(4.) Promises to pay the debt of another
(5.) Promises made in the contemplation of marriage
(6.) Contracts for the sale of personnal property for more than $600. |
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Term
| Does the condition have to be fair? |
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Definition
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Term
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| prohits (estops) a person from disclaiming knowledge of or responsibility for a verbal promise after the other party has acted to his detriment based on that promise |
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Definition
| refusing to honor one's word to purchase if the person makes "improvements" |
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Definition
| Failure to exercise one's rights in a timely manner |
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Term
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Definition
| prohibits introduction of prior or contemporaneous verbal testimoney to modify a written contract that appears complete upon its face |
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Term
Factors that may make a contract voidable
FUMDUM |
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Definition
(1.) Fraud / intentional "statement" or "omisssion" that persuades or influences another to act to their harm
(2.) Undue Influence / excessive pressure one uses to force someone to sign a contract, etc.
(3.) Misrepresentation / a mistatement or concealment of an important fact so another party is led to act to his or her detriment
(4.) Duress or Menace Contracts / duress is force while menace is threat of force
(5.) Unconscionable Contract / a contract so harsh that acourt considers it unconscionable
(6.) Minor Status / minors may disaffirm a contract within a reasonable time after reaching contractural age if the minor was not aware that they were being taken advantage of or that they would have legal recourse
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Term
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Definition
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Term
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Definition
| Person making an offer for a contract |
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Term
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Definition
| Person to whom the contract is offered |
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Term
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Definition
| phrasing that allows a contract to be cancelled if the contract is not fulfilled within the stated time |
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Term
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Definition
| Method of notification. If not specified, it may be in any reasonable form |
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Term
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Definition
| acceptance of the offer but does not take place until the offeror is notified--usually by delivery of a signed, accepted copy of the offer to the offeror |
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Term
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Definition
pulling / withdrawal of the offer which may be done at any time before it is accepted
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Term
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Definition
| Rejection of an offer as presented with an alternative offer in response |
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Term
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Definition
Money or consideration given to an owner for the right to purchase at a predetermined price by a specified time
The option payment is not refundable if the optionee fails to exercise the right to purchase |
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Term
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Definition
the right to match an offer, within a designated period of time
The owner of the property is not required to sell |
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Term
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Definition
| "Transfer of all the interests of one of the contractual parties to a third person." Assignment requires approval of the landowner; however approval may not be unreasonably withheld. Acceptance may include language which allows assignment. |
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Term
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Definition
| establishes a conntractual agency relationship between a broker and seller |
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Term
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Definition
| Listing brokerage has exclusive right to market a home; however, the homeowner retains the right to sell his home without compensating the broker unless the broker procurs cause of the sale |
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Term
| Exclusive Right to Sell Agreement |
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Definition
| provides one broker the exclusive rights to market, sell and collect a fee from the homeowner during the term of the contract regardless whether the broke is the procuring cause of the sale. |
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Definition
| Money awarded to the injured party to make up for the loss suffered |
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Definition
| The injured party has a duty to try to keep the damages as low as reasonably possible |
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Term
| Punitive or exemplary damages |
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Definition
| Damages beyond compensatory damages by court to punish (punitive) or make an example of (exemplary) a party who committed a willful and/or an outrageous act of breach of an agreement. |
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Definition
| a breach of contract with no actual dollar loss |
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Term
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Definition
| breach of contract compensation agreed by the parties at the time of their agreement |
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Term
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Definition
| promise to perform the specific terms and conditions of a contract. Failure to perform specific terms can result in the "specific performance" remedy. The remedy is not money, it is forcing the parties to "do what they said." |
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Term
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Definition
| court order demanding a person to stop doing a certain activity (cease and desist). |
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Term
| Declaratory relief or judgement |
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Definition
| judgement to remedy a situation before damages actually occur |
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Term
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Definition
| cancels the contract and restores the parties to the positions they held prior to entering into the contract |
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Term
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Definition
| one party to a contract chooses to waive a breach of contract |
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Term
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Definition
| agreement to accept a lessor consideration than specified in a contract. |
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Term
| Substantial Performance Breach of Performance |
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Definition
| unintentional and not substantial, modification of the contract price by the difference in value between the contract price and the value as performed |
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Term
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Definition
| defines the period of time legal action must be brought. |
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Term
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Definition
| substitution of a new contract for an old one. Parties agree to cancel the old contract in favor of the new agreement. |
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Term
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Definition
| seller retains the right to employ several brokers to act as his agent |
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Term
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Definition
| based on the amount of money the seller will receive if the property is sold. A minimum price is agreed upon between the seller and the broker. |
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Term
| Multiple Listing Contract |
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Definition
| brokers choosing to cooperate in sharing their listings as members of a multiple listing organization |
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Term
| Non-exclusive buyer agency agreement |
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Definition
| buyer retains the right to work with as many brokers and thy may wish. buyer only pays the broker that produces an acceptable offer |
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Term
| Exclusive Buyer Representation |
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Definition
| the broker is due compensation if the buyer purchases real estate during the term of the agreement regardless of procuring cause |
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Term
| Exclusive Buyer Agency Agreement |
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Definition
| the buyer retains the right to purchase real estate and not pay the broker unless the broker is the procuring cause |
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Term
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Definition
| When wording is so unclear as to make interpretation impossible thereby making the contract unenforceable |
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Term
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Definition
(1.) Hand written
(2.) Typed
(3.) Form
(4.) Latter dated document; i.e., most recent date
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