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NE Real Estate

NE Real Estate Unit 11

TermDefinition
unilateral contract one party makes promise, as to induce
voidable contract seems to be valid on the surface
unenforceable contract neither party can sue the other
valid contract w/all the essential's of a contract enforceable on all parties
void contract no legal force or effect
"time of the essence" act w/in a stated period of time
suit for specific performance legal action to compel a party to carry out the terms
amendment a change to the existing contract
consideration something of value induces a person
assignment transfer in writing of interest
breach of contract violation of any terms or conditions in a contract w/o legal excuse
bilateral contract all parties are legally bound to act as prescribed, both parties benefit
rescission original positions from before
novation a new obligation for an old one
offer and acceptance acceptance is bound by the terms by the offeror
option keep open for a set period
owner financing seller provides credit to move forward w/transaction
purchase money mortgage a note secured as part of the purchase of the RE
contingencies a certain act to be done to occur before the contract becomes binding
counteroffer a new offer in response
disclosure relevant info or facts
earnest money money deposited by a buyer under the terms of a contract
statue of frauds state law requires in writing to be legally enforceable
liquidated damages predetermined total compensation to an injured party; forfeited clause
enforceable contract meets all the elements of a valid contract
executed contract parties have fulfilled their promises
executory contract not yet fully performed
implied contract by their acts and conduct
land contract two or more installments over two or more years
contract legally enforceable promises
Created by: SevitaM
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