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National 3

N3 chapters

TermDefinition
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