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Georgia Real Estate

Chapter 8

TermDefinition
expressed contract occurs when the parties to the contract declare their intentions orally or in writing.
implied contract is created by neither words, nor writing. It is created by the actual actions of the parties. Those actions are viewed as indication that they intend to create a contract
bilateral contract •a promise is exchanged for a promise.
unilateral contract a promise is exchanged for performance.
forbearance a promise not to act.
Essential elements of a contract 1.Legally competent parties 2.Mutual agreement 3.Lawful objective 4.Consideration
valid an agreement that contains all the essential elements of a contract
void an agreement that is missing one of the essential elements of a contract A contract that is missing an essential element and has no binding effect on the parties. A void contract is a contract that never existed.
voidable an agreement that contains all of the essential elements of a contract but because of a defect, one or more of the elements may be removed at the option of the injured party
invalid •the agreement once had validity, but the validity has ceased
enforceable a contract that a court would allow and uphold
unenforceable a contract that a court would not allow or would not uphold
laches •The loss of a legal right due to failure to assert that right within a reasonable period of time.
counter offer An offer made in response to an offer, which changes the original terms.
consideration usually something of value: a promise to do something, money, property, or personal services For an agreement to be enforceable, it must be supported by consideration.
statute of frauds a law that is common in most states. It requires that most contracts for the sale of land, or an interest in land, be in writing and signed to be enforceable in a court of law.
executory A contract that is in the process of being carried out is said to be executory. (It is in the process of being performed)
Executed a contract obce completed. Performance has taken place.
execute the process of completing, performing or carrying out something. You execute a document when you sign it. You execute the terms of the contract by carrying out its terms.
novation the substitution of a new contract between the same or new parties.
partial performance the innocent party feels that the time and effort to sue would not be worth the rewards.
unilateral rescission The innocent party can take the position that if the other party is not going to perform contractual obligations, then the innocent party will not either.
specific performance forces the breaching party to carry out the remainder of the contract according to the terms, price and conditions agreed upon.
mutual rescission relieves the parties to the contract from their obligations to each other.
caveat emptor let the buyer beware
Created by: user-1812658
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