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KES AZ RE Contracts

TermDefinition
Article 26 of the AZ Constitution authority to create contracts
Implied Contract circumstances imply that parties have reached an agreement even though they have not done so expressly. (quasi-contract, doctor/patient)
Expressed Contract parties state terms an offer that is accepted. can be oral. (offer and offeree)
offerer the person making the offer
offeree the person to whom the offer is made
Unilateral Contract only one party makes a promise (reward contract, option to buy)
Bilateral Contract promise for a promise
Executory Contract executory phase: when some future act is to be done. (agreement to build houses in 6 months)
Executed Contracts transaction is complete. nothing left undone. Escrow closes.
Valid Contracts A valid contract is one that has been executed in compliance with all the requisite legal formalities and is binding upon, and enforceable by, the individuals who executed it.
Void Contracts not legally enforceable.
Option An option is an express, unilateral contract because it benefits only the optionee.
BFP Bona Fide Purchaser
Quit Claim Deed With a quit claim deed, the person selling the property is saying "I may or may not own the property, but whatever interest I have in it I'm selling to you. And I'm not promising that the title is clear." No warranties.
Broker Review of Documents 10 business days
Equitable Title A property in escrow: The buyer has an equitable interest/title to the property.
Fee Simple An ownership estate of at least a lifetime or forever. Actual ownership of a property. The two types of freehold estate are fee simple and a life estate.
Lis Pendens latin: suite pending. (does not prevent sale) a recorded document that provides public notice that the property is being foreclosed upon.
punitive damages to recover amount over the actual damages suffered
Liquidated Damages Generally, contracts that involve the exchange of money or the promise of performance have a liquidated damages stipulation. The purpose of this stipulation is to establish a predetermined sum that must be paid if a party fails to perform as promised.
Nominal damages Nominal damages are awarded to an individual in an action when the individual suffers no substantial injury or loss that is to be compensated. In such actions a plaintiff’s rights are violated by However, when the nature and extent of the injury is min
lackes the delay in asserting one right.
Statutes of Frauds in writing: 1. contract sell goods with value over $500 2. agreemnt excess one year (think lease) 3. transfr real property 4. commit loan $ excess of $250,000 and made connection w personal, family or hh purposes 5. signed by party to be charged
Purchase agreement is purchase agreement is considered a conveyance document so ARS 32-2151.02 is not considered along with the Statute of Frauds.
ARS 32-2151.02 Real estate employment agreements; 1. written iclear and unambiguous language. 2. Fully set forth all material terms, itrms of broker comp. 3. Have def dur or exp date, showing dates of inception and expiration. 4. Be signed by all parties
A buba fide purchaser. A "Bona Fide" Purchaser is one who goes into a purchase, gives consideration for the property, does his due diligence, closes and enjoys the property after the purchase.
Brokers must keep 5 years Purchase Contract Listing Agreement Cancelled Contracts Cancelled and Expired Listing Agreements 1 year Rejected Offers
Broker review of docs 10-Day Broker Review of Documents (business days)
Meeting of the minds Mutual assent
Property manager deposits time 3 days into managers trust account
Equitable interest When a buyer and seller have come to a "meeting of the minds", the buyer has "equitable interest" in the property until closing escrow and the recording of the deed. Upon transfer of the deed, the "interest" becomes a legal title.
Marketable title Title that is free from reasonable doubt or any sort of threat of litigation.
Un marketable title Liens or other encumbrances (mortgage, ...)
Optionor The one offering the option
Optionee Potential buyer
Compensatory damages Monetary amount necessary to replace loss
Accords and satisfactions contract law concept about the purchase of the release from a debt obligation. The payment is typically less.The accord is agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.
simp Unilaterial Promise for an act
simp Bilateral Promise for a promise
simp Expressed Verbal or written
simp Implied Created by action
Executory Some action needed
Executed Completed Contract
parol evidence rule document must stand on written word. no oral evidence can change or add to the contract.
*Valid binding and enforcable
*Void no legal effect, no contract
*Voidable one party can cancel due to fraud, duress, or undue influence, minors, but the other side cannot
*Unenforcable appears valid, but cannot be enforced in court.
*discharged contract completed
*breach one party failed to perform
*Novation substituting a party
*Assignment assignor to assignee trans fer of benefits and responsibilities, but still liable
*Recession legal remedy of canceling, terminating, annulling a contract
*purchase contract and receipt aka: sales contract and contract of sale.
Created by: KimSchroeder