Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Unit 11

TermDefinition
Assignment The transfer in writing of interest in a contract, mortgage lease, or other instrument
Bilateral Contract An agreement entered into law by two or more legally competent parties that is binding on all parties
Breach of contract Violation of any terms or conditions in a contract without legal excuses (i.e. failure to make a payment when it is due)
Competent parties Those recognized by law as being able to contract with others
Consideration Something of value that induces a person to enter into a contact May be valuable ($) or good (love and affection)
Contingency Certain happening without which a contract will not be valid
Contract An agreement entered into by 2 or more parties (legally competent) by the terms of which one or more of the parties, for a consideration, undertakes to do, or refrain from doing some legal act(s)
Counter Offer A new offer made in reply to an offer received
Earnest Money Money deposited by a buyer that is applied to the purchase price if the sale is closed
Equitable Title Interest held by a vendee under a land contract or an installment contract. The equitable right to obtain absolute ownership to property when legal title is held in anothers name
Escape Clause Protection for seller with a contract is subject to the sale of buyers present home
Executed Contract A contract in which all parties have fulfilled their promises and thus performed the contract
Executory Contract A contract under which something still remains to be done by one or more of the parties
Express Contract An oral or written contract in which the parties state the contracts terms and express their intentions in words
Implied Contract A contract under which the agreement of the parties is demonstrated by their acts and conduct
Land Contract A contract for the sale of real estate wherein the purchase price is paid in periodic installments by the purchaser, who is in possession of the property even though the title is retained by the seller until final payment
Liquidated Damages Sum agreed upon to serve as compensation if one party defaults
Novation Substitution of a new contract for an existing one
Offer & Acceptance 2 essential components of a valid contract. A "meeting of the minds" when all parties agree to exact terms
Option An agreement to keep open for a set period of time on an offer to sell or purchase property
Parol Evidence Rule Agreement that the written contract overrides spoken promises
Specific Performance A legal remedy whereby one party seeks to force another party to perform the promises specifically made in the contract
Statute of Frauds The part of state law requiring certain instruments such as deeds, real estate sales, contracts, and certain leases to be in writing for them to be legally enforceable
Statute of Limitations the law pertaining to the period of time within which certain actions can be brought to court
Time is of the Essence A phrase in a contract that requires the performance of a certain act within a stated period of time
Unenforceable Contract A contract that seems on the surface to be valid, yet neither party can sue the other to force performance of it
Unilateral Contract An agreement that is binding on only one of the parties
Valid Contract A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it
Voidable Contract A contract that seems to be valid on the surface but may be rejected or disaffirmed by one of the parties
Void Contract A contract that has no legal force or effect because it does not meet the essential elements of a contract
Created by: MAK89
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards