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Contracts

Cram Contracts

QuestionAnswer
Voidable Contract Valid and enforceable on its face, but may be rejected by one or more of the parties. (IE: If minor involved could be voided by minor)
Elements of a contract Legally competent parties, mutual consent between the parties, lawful objective, sufficient consideration.
A real estate contract must be in writing due to Statue of Frauds - NO ONE is lying!
In a lease whose duration is greater than one year, what is not required? Signatures from both the lessor and the lessee
The promise given in return for an offered promise in a bilateral contract is: Consideration.
After obtaining a listing from a corporation, all the officers were killed in an accident. The listing is: Valid - It is with the corporation, not the individual officers.
Which of the following may a minor be able to undertake without court approval? Acquisition of real property through gift or inheritance
An executory contract is a: contract where something REMAINS to be done by one or both parties.
Assume an offer has been accepted and the acceptance has been communicated to the buyer. The buyer then changed his mind and decided not to purchase the property. Which of the following is true? The seller could sue for liquidated damages, if the parties agreed to liquidated damages in the contract
An option without consideration is: unenforceable
Essential to the validity of a contract The adequate capacity of the parties to the contract. the payment of money. a legal purpose.
Novation Substitutions, by agreement of a new obligation for an existing one. (ie: stared with FHA, didn't qualify so then switched to conventional)
Meeting of the minds Mutual consent between parties
Ways to discharge a contract Full performance, Release by 1 or all parties, assignment, novation or breach of contract.
Breach of contract Unilateral, lawsuit for monetary damages (Liquidated, compensatory or punitive) or lawsuit for specific performance.
3 things you can transfer Possession, equitable title (Buy and sell), legal title
Offers can be three ways: Acceptance (No changes), counter offer, or reject the contract,.
Option to terminate Terminate during the time of the contract.
Lease (Lessor) Bilateral contract the right for "possession" /possessory not real property. NOT legal title. Landlord makes promise.
Reversionary right Property will come back to owner in a lease/tenancy
Ground Lease Land only
Proprietary Lease Lease used in a co op appartment building
Residential Lease Singlefamily, Multi-family
Gross Lease Straight Lease - Landlord Pays Everything
Net Lease Rent plus maintenance, taxes or insurance, etc.
Percentage Lease Base rent plus % of gross sales over a given base amount, like a shopping mall.
Index Lease Escalation clause tied to consumer price index.
Can a lease be assigned Yes
Eviction Forcible entry and detainer - Suit for Possession
"The lease requires the tenant pay 40% o f landlords expenses" what kind of lease is this? Net lease
Created by: Kids3
 

 



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