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test 2

real estate

TermDefinition
expressed contract declared
implied contract created by action
bilateral contract promise exchanged for a promise
unilateral contract promise exchanged for PERFORMANCE
legal effects of contracts 1.valid 2.void 3.voidable 4.unenforceable
valid meets all requirements of law
void no legal effect and not a contract
voidable one party bound but not the other
uneforceable may have been valid but at an earlier time but now enforcement is barred
Essentials of a Valid Contract 1.Competent parties 2.mutual assent 3.lawful objective 4.consideration 5.written
competent parties all parties must be legally competent for a contract to be legally enforceable
mutual assent also known as mutual agreement. meeting of the minds means there must be an agreement to the provisions of the contract by the parties involved
lawful objective a contract canNOT call for the breaking of laws to be enforceable
consideration an act or promise given in exchange for something
valuable consideration each party must give up something for consideration to be valuable
good consideration when property is given as a gift based solely on love and affection
written Statute of Frauds or Parol Evidence Rule
Statute of Frauds requires that all contracts for the sale of real estate be in writing to be enforceable
Parol Evidence Rule Permits oral evidence to complete an otherwise incomplete or ambiguous written contract
legal title ownership of a freehold estate
equitable title right to obtain legal title
Esign Act effective as of March 1, 2001. Allows electronic agreements and signatures
Peformance most contracts are discharged by being fully performed or executed by the contracting parties in accordance with the contract terms
Breech of Contract Partial Performance Rescission Lawsuit for Money Damages Lawsuit for Specific Performance Liquidated damages Mutual Rescission
Statute of Limitations limits by law the amount of time a wronged party has to seek the aid of a court in obtaining justice. Time limits of 3-7 years are typical breach of contracts
Created by: mrbiernot