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National 5

n5 chapter

TermDefinition
Purpose of purchase contract copy of the buyers offer upon acceptance, becomes legally binding contract escrow instructions
Offer invitation to enter into contract
Counter offer new offer with language from previous offer. kills previous offer
Earnest money good faith money to seller to show intention to complete sale
Contingency clause sale contingent upon certain event. failure to fulfill = void contract (improvements, inspections, mortgage)
Liquidated damages amount pre-determined by parties as total amount of compens. one should receive if other breaches contract
Specific performance court order to enforce terms of contract
Created by: bronny
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