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Contracts

QuestionAnswer
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