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Ch. 9

Vocab: Real Estate Contracts

TermDefinition
Accord & Satisfaction A new agreement by contracting parties that is satisfied by full performance, thereby terminating a prior contract.
Assignment A complete transfer of all legal rights and obligations by one party to another.
Bilateral Contract An agreement based on mutual promises of specified consideration.
Breach of Contract Failure without legal excuse to perform a promise that forms the whole or part of a contract.
Consideration Anything of value as recognized by law offered as an inducement to contract such as money, action, or forbearance, or a promise to act or a promise to forbear.
Contractual Capacity Having the ability to understand the terms of a contract and the consequences of non-performance.
Counteroffer A promise or a request by an offeree that terminates the original offer from an offeror by rejecting it and substituting a new offer in its place.
Damages The amount of financial loss as a result of the action of another.
Duress The inability of a party to exercise his or her free will because of fear of another party.
Executed Contract An agreement that has been fully performed.
Express Contract One created verbally or in writing by the parties.
Full Performance The usual manner of terminating contracts.
Illusory Offer One that does not obligate the offeror. An offer that can be read/interpreted in different ways (doesn't exist, probably voids the contract)
Implied Contract One created by deduction from the conduct of the parties rather than from the direct words of the parties. Opposite of an express contract.
Mutual Assent The voluntary agreement of all parties to a contract as evidenced by an offer and acceptance.
Novation The substitution of a new contract for a prior contract.
Offeror One making the offer.
Offeree One to whom an offer is made
Parol Evidence Rule Rule of evidence and law that states the written words contain all of the agreement and that oral statements not agreeing with the written word are to be disregarded.
Statute of Frauds A law in effect in all states requiring certain contracts to be in writing to be valid.
Unilateral Contract An agreement wherein one party makes a promise of compensation to the other party and the second party returns an action in response to the promise, although he is not legally obligated to do so.
Valid Contract An agreement that is legally binding and enforceable.
Void Contract An agreement that is absolutely unenforceable and has no legal force or effect.
Voidable Contract One which appears valid, but may be avoided by 1 of the parties w/o legal consequences b/c it contains a defect. If party who may avoid contract based on defect, doesn't identify defect & takes action to avoid contract, contract is valid & enforceable.
Created by: laurenk1996