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Real Estate Contracts- Chap. 11
Essential of New Jersey Real Estate, 12th Edition
31
Real Estate & Planning
Not Applicable
09/30/2016

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Assignment

 

 

Definition
transfer of interest in a contract to a third party

 

 

Term
Bilateral contract

 

 

Definition
contract with a promise by each party

 

 

 

Term
Breach of contract

 

 

Definition
violation of a contract

 

 

Term
Competent parties

 

 

Definition
those legally qualified to enter into contracts

 

 

Term
Consideration

 

 

Definition
something of value given in exchange

 

 

Term
Contingency

 

 

Definition
certain happening on which a contract depends

 

 

Term
Contract

 

 

Definition
agreement between two parties to perform some legal act(s)

 

 

Term
Counteroffer

 

 

Definition
offer returned to buyer with changes by seller

 

 

Term
Earnest money

 

 

Definition
buyer’s deposit with purchase contract

 

 

Term
Equitable title

 

 

Definition
interest acquired by buyer with land contract

 

 

Term
Escape clause

 

 

Definition
protection for seller when buyer has another house to sell

 

 

Term
Executed contract

 

 

Definition
contract that has been fulfilled

 

 

Term
Express contract

 

 

Definition
contract set down in so many words

 

 

Term
Executory contract

 

 

Definition
contract that has not yet been performed

 

 

Term
Implied contract

 

 

Definition
contract not put into words but shown by actions

 

 

Term
Land contract

 

 

Definition
agreement under which buyer pays in installments and waits for deed

 

 

Term
Liquidated damages

 

 

Definition
sum agreed on to serve as damages in case of future default

 

 

Term
Novation

 

 

Definition
substitution of a new contract for an existing one

 

 

Term
Offer and acceptance

 

 

Definition
meeting of the minds

 

 

Term
Option

 

 

Definition
contract binding one party; other party free to act or not

 

 

Term
Parol evidence rule

 

 

Definition
convention that a written contract overrides spoken promises

 

 

Term
Rescission

 

 

Definition
return to the status quo

 

 

Term
Specific performance

 

 

Definition
court action usually asking that the seller be forced to sell as agreed

 

 

Term
Statute of frauds

 

 

Definition
law requiring certain contracts to be in writing

 

 

Term
Statute of limitations

 

 

Definition
law on time limit after which one cannot assert a legal right

 

 

Term
Time is of the essence

 

 

Definition
contract clause requiring punctual performance

 

 

Term
Unenforceable contract

 

 

Definition
seemingly valid contract but neither party can sue to force performance

 

 

Term
Unilateral contract

 

 

Definition
one-sided promise, valid only if the other party acts

 

 

Term
Valid contract

 

 

Definition
contract that meets all legal requirements

 

 

Term
Void contract

 

 

Definition
contract that does not meet all legal requirements

 

 

Term
Voidable contract

 

 

Definition
contract that is binding, but one party may disaffirm it

 

 

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