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test 2
real estate
| Term | Definition |
|---|---|
| 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
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