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Ch 1-2: Personal Ser
Personal Service Contracts
| Term | Definition |
|---|---|
| Personal Service Contract | A type of contract used to create an employer/employee relationship, such as a seller (the employer) hiring a specific real estate broker (the employee) to market a property. |
| Assignment | Personal service contracts CANNOT be assigned; Appointed agent must perform the tasks required in the agency agreement and can hire employees, assistants, or other agents to assist. |
| Personal service contract termination | Applies when death of either the principal or the agent will terminate the agency relationship. |
| Death, Incompetency, or Bankruptcy of Either Principal or Agent | The note is still valid and the buyer's estate becomes responsible for the remaining balance. |
| Specific Performance | One party asks the court to order the other party to perform as was agreed in the contract. Specific performance can be used as remedy for a breach if a contract is not personal service. |
| Agency Coupled with an Interest | An agent has possession or control of the property of the principal. |
| Unilateral | Performed by or affecting only one person, group, or country involved in a particular situation, without the agreement of another or the others. |
Created by:
userjoe
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