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Contracts
| Question | Answer |
|---|---|
| Real Estate Contract | A written promise to pay, by the buyer, and a written promise to deliver a deed, by the seller |
| COLIC | The requirements of a valid and enforceable real estate contract-competent partiies, offer and acceptance, legal purpose, in writing, consideration |
| Valid Contract | An agreement that meets all the legal requirements of a contract |
| Competant parties | Sane, sober, consenting adults (18 years or older) |
| Offer and acceptance | Meeting of the minds or mutual agreement-all parties concerned understand and agree to all the terms of the contract |
| Consideration | Something of value given by the party to a contrac-the buyer's promise to pay in exchange for the sellle's promise to deliver a deed |
| Statute of Frauds | A law requiring all real estate contracts to be in writing to be enforceable |
| Void Contract | No contract at all-one of the key elements is missing-invalid contract |
| Voidable Contract | In the eyes of the law, one party is at a disadvantage and can void the agreement-a minor, someone who signed under the influence of alcohol or drugs, someone who signed under duress |
| Unenforceable Contract | Will not be enforced by the courts-oral real estate contract-violates the statute of frauds |
| Express Contract | Written or spoken |
| Implied Contract | By actions or evidence but not written or spoken |
| Time is of Essence | A clause in a contract that allows each party to hold the other to strict performance on the date specified |
| Unilateral Contract | A contract where only one party made a promise, only one party can be sued-if...then... |
Created by:
Shirilyn
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