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Real Estate Prep Course Florida Nov 2021
Glossary Unit 5: Real Estate Contracts
18
Real Estate & Planning
Undergraduate 1
11/10/2021

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Term
Contract
Definition
A legally enforceable agreement to do (or not do) a specific thing
Term
Bilateral
Definition
An express contract, either parol or written, that binds both parties
Term
Unilateral
Definition
A contract in which a promise is made in exchange for performance
Term
Forbearance
Definition
An agreement NOT to perform, such as a non-compete agreement
Term
Valid
Definition
A binding and enforceable contract that meets all legal requirements
Term
Fraud & MIsrepresentation
Definition
Two types of false representations of material fact that cause damage to an innocent party
Term
Mutual Assent
Definition
A meeting of the minds; the primary element of a valid contract
Term
Consideration
Definition
Money, promises, or anything of value given in exchange for something of value
Term
Statute of Frauds
Definition
Law requiring contracts that transfer any interest in real property to be in writing and signed to be enforceable
Term
Executory
Definition
A contract in which duties to perform have not yet been completed
Term
Amendment
Definition
A modification of existing contract terms which is required to be written and signed by all parties
Term
Assignment
Definition
The transfer of one’s contract duties to another while remaining liable for the terms of the contract
Term
Novation
Definition
Substituting a new party or a new contract, or both, for an existing contract
Term
Statute of Limitations
Definition
The law that sets forth the amount of time the non-breaching party has in which to take legal action against the breaching party
Term
Specific Performance
Definition
A lawsuit to force the breaching party to perform by completing the transaction as agreed.
Term
Equitable
Definition
The type of title held by a buyer who enters into a contract to purchase real estate
Term
Sale Leaseback
Definition
A type of transaction in which the owner sells their property to an investor, retains possession under a long-term lease, and uses the sale proceeds to expand the business
Term
Lease Purchase
Definition
A purchase of real property, the consummation of which is preceded by a lease between the buyer and a seller
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