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Contracts

Contract Related Terms

TermDefinition
Misrepresentation An innocent misstatements of facts
Fraud An intentional mis-statement of facts.
Silent Fraud The act of withholding information concealed property defects from buyer.
Undue Influence One party has taken advantage of another
Specific Performance Legal action taken to obtain a court order directing the breaching party to act under the terms of contract
Liquidated Damages An amount of money paid to a party in the contract to fully satisfy any damages suffered.
Rescission A termination of valid contract
Equitable Title Legal interest that the buyer acquires in a property after signing of sales contract.
Caveat Venditor Let seller beware.”bought as is”
Assignment A legal instrument used to transfer rights and obligations from a contract party to another
Breach of Contract A violation of any of the terms or conditions of a contract without legal excuse.
Termination of contract Rescission, termination for legal reasons, subject to finance, no sale, take to long, any offer can be revoked
Optionor Seller/ owner
Optionee A possible purchaser or lessee
Bundle of Rights The right to own real estate as a freehold Estate including legal rights such as possession, enjoyment,lease, sell, will, mortgage.
Created by: Jgjg