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National 3
N3 chapters
| Term | Definition |
|---|---|
| Contract | promise (or set of) the courts will enforce |
| Statute of frauds | requires certain contracts to be in writing to be enforcable |
| Contracts that MUST be in writing | employment agreement transfer/sale of real property or interest in lease over 1 year contract not to be performed within 1 year |
| How many essential elements in a contract? | 6 competent parties <18 no drugs/booze/altzh valid consideration money to back up offer offer and acceptance all parties agree to all terms legal object lawful in nature in writing proper description of property |
| Expressed contract | all terms expressed between both parties verb/writ |
| Implied contract | created by actions/conduct/statements |
| Executed contract | all terms performed |
| Option | optionEE in control |
| Right of first refusal | owner in control first crack when ready to sell |
| Valid contract | contains all essential elements |
| Void/invalid contract | not enforceable by law |
| Illusory contract | worded loosely/vaguely not enforcable |
| Open listing | multiple agents working, find the buyer get the money |
| exclusive agency listing | agent gets commiss unless owner finds buyer |
| exclusive right to sell listing | agent gets commiss not matter what |
| Sherman anti-trust act | no competition |
Created by:
bronny
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