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Realestate
| Term | Definition |
|---|---|
| CONTRACT | a legally enforceable agreement between two or more parties to do or not to do something |
| FOREBEARANCE | agreement NOT to do something |
| CONTRACT MAY BE......... WRITTEN,ORAL, OR BOTH | both |
| PAROL | oral contract |
| EXPRESSED CONTRACT | contract that states intent of parties |
| IMPLIED CONTRACT | contract created by the actions of the parties |
| CONTRACT CATEGORIES | express vs. implied executed vs. executory bilateral vs. unilateral valid vs. void & voidable |
| VALID CONTRACT | contract that meets ALL requirements of law, is binding on all parties, and is enforceable |
| VOID CONTRACT | contract that has no binding effect on the parties who made it |
| VOIDABLE CONTRACT | contract that can be voided by one of its parties |
| BILATERAL CONTRACT | contract where a promise is exchanged for a promise |
| UNILATERAL CONTRACT | when a promise is exchanged for a performance |
| EXECUTED CONTRACT | all requirements of contract have been fulfilled and all parties have done what was promised to be done |
| EXECUTORY CONTRACT | in the process of being completed (not finished, pending) |
| 4 REQUIREMENTS OF VALID CONTRACT | consideration legal objective agreement legally competent parties CALL |
| CONSIDERATION | an act or promise given in exchange for something else |
| AGREEMENT 3 things | offer & acceptance is agreed upon/meeting of the minds one party make offer to other party offeree must accept offer offeree must communicate acceptance to offeror |
| LEGAL OBJECTIVE | legal use of property stated in contract |
| LEGALLY COMPTENT PARTY | party of sound mind |
| ASSIGNMENT | total transfer of ones interests to another party |
| ASSIGNOR | person who is assigning (giving) the interest |
| ASSIGNEE | person who is being assigned (receiving) the interest |
| NOVATION | substitution of a new contract or new party for on old contract |
| WHAT RELEASES WITHDRAWING PARTY FROM LIBILITY | novation |
| TERMINATION OF CONTRACT CAN OCCUR BY 4 things | mutual agreement of parties expiration of time rescission of voidable contract operation of law |
| OPERATION OF LAW INCLUDES 3 things | bankruptcy on either party -terminated contract death of one of the parties-not terminated unless dead party is needed for specific act destruction of property-terminated unless destroyed prior to possession or title the seller is at risk |
Created by:
baylous2005
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