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Definition
| An agreement involving one or more promises that courts will enforce or for the breach of which courts provide a remedy |
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| A contract that complies with all the essentials of a contract and is binding and enforceable on all parties. |
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| Follow the terms of an agreement. |
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| A legal requirement that someone does something. |
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Definition
| Principals in a transaction or judicial proceeding. A buyer and a seller are the principals in a sales contract; the broker is not a principal. |
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| An agreement between a buyer and a seller to exchange an asset for payment. |
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| An agreement that both the buyer and seller sign defining the terms of a property sale. |
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| The specific conditions and details of an agreement or contract. |
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Definition
| An accord reached between two or more parties in which the terms of a transaction or a course of action have been nogotiated and documented. An agreement is usually legally enforceable as long as it is negotiated freely between legally competent parties. |
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Term
| LEGALLY COMPETENT PARTIES |
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Definition
| People who are recognized by law as being able to contract with others; those of legal age and sound mind. |
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| The age at which an individual is legally permitted to enter into contracts without adult consult. 18 is the age for most states. Also sometimes called the age of majority. |
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Definition
| That which is legally owned by an individual or entity. |
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