Purchase Contract
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each of the black spaces below before clicking
on it to display the answer.
Help!
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| contract equals | 1.offer and acceptance 2. consideration
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| an offer must | 1.reflect a present intent to contract- not "thinking of" or "would be" offer 2. be ceratin and definite in its terms 3. be communicated
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| termination of an offer by offeror | 1.withdrawal before acceptance 2.termination at a particular time by its terms - avoids the "reasonable time" implication 3. death of offeror
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| termination of an offer by offeree | 1.rejection without a counteroffer 2. counteroffer on any material term which switches the roles of the parties 3. death of offeree
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| acceptance | conduct evidencing a willingness to make a deal on the terms of an offer and requires action 1.by the person have the power of acceptance 2. action that is absolute, unequivocal and unconditional 3.action must be communicated to the offeror
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| offer with specific requirements concerning the communication of acceptance | must be met exactly -offeror controls the manner of acceptance
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| consideration | 1.something of value given up by each party 2.can be a promise to do something in the future
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| earnest money | not necessary to bind a contract where there are mutual promises -earnest money does not provide a remedy for breach-however-liquidated damages
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| purchase contract includes | 1. terms 2. conditions 3. representations
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| terms | who, what, when, where and lots of details
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| contingencies | 1.what you need to know afteryou secure a deal, but before you close the transaction 2.how can you carve out protection for yourself 3. list the issues
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| uses of contingencies | 1.crafting of offers with safety to the purchase 2.will buyer actually accept contingencies and how hard must buyer work 3.what can a seller do if contingencies are truly open questions 4.how subjective can a contingency be? consider court views
courts
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| look at case on outline (page 2) |
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| representation | 1.seller knows about property than anyone 2.buyer should have due diligence about facts
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| options | useful instead of an offer when a buyer has many issues to resolve before proceeding
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| buyer can do his own due diligence as desired | 1.without being limited to the scope of inquiry implied by specific contingencies 2. without worrying about whether carefully worded contingencies are so protective that they endanger the contracts validity
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| option | really an offer from the seller that gives the buyer time to make up his or her mind
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| without consideration, the seller can withdraw the option before acceptane | 1.key is paying the seller binds him to keep the option open - written commitment alone won't work 2.an option fee must be non-refundable - that's different from earnest money
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Created by:
rainesv