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Ch 1-2: Personal Ser

Personal Service Contracts

TermDefinition
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