Term
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Definition
| A legally enforceable agreement to do (or not do) a specific thing |
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Term
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Definition
| An express contract, either parol or written, that binds both parties |
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Term
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Definition
| A contract in which a promise is made in exchange for performance |
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Definition
| An agreement NOT to perform, such as a non-compete agreement |
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Term
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Definition
| A binding and enforceable contract that meets all legal requirements |
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Term
| Fraud & MIsrepresentation |
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Definition
| Two types of false representations of material fact that cause damage to an innocent party |
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Term
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Definition
| A meeting of the minds; the primary element of a valid contract |
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Term
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Definition
| Money, promises, or anything of value given in exchange for something of value |
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Term
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Definition
| Law requiring contracts that transfer any interest in real property to be in writing and signed to be enforceable |
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Term
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Definition
| A contract in which duties to perform have not yet been completed |
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Term
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Definition
| A modification of existing contract terms which is required to be written and signed by all parties |
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Term
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Definition
| The transfer of one’s contract duties to another while remaining liable for the terms of the contract |
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Term
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Definition
| Substituting a new party or a new contract, or both, for an existing contract |
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Term
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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 |
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Term
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Definition
| A lawsuit to force the breaching party to perform by completing the transaction as agreed. |
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Term
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Definition
| The type of title held by a buyer who enters into a contract to purchase real estate |
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Term
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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 |
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Term
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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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