Real Estate Principals lesson 7
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| Contract | an agreement to do or not to do a certain thing
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| valid contract | one that is binding an enforceable in the court of law, and has the four elements
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| voidable contract | valid until voided
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| void contract | lacks legal effect
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| executory contract | remains to be done by one or both perties
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| excuted contract | both parties have erformed
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| bilateral contract | a promise for a promise
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| unilateral contract | a promise for a act
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| illegal contract | breaks the law
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| parol contract | oral
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| the acceptance in a mutual contract | must be a mirror image of the other
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| What is the last step in the 3 step process for mutual consent | the acceptance must be communicated back to the offeror
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| fraud | contract is usually voidable
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| Actual fraud | On purpose
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| Constructive fraud | Accident
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| Duress | voidable
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| menae | voidable
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| undue influence | voidable
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| Consideration | Doesn't have to be money
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| good consideration | love and affection
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| valuable consideration | anything of value
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| capable parties | Everyone who isn't a minor
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| minor | person under the age of 18
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| lawful object | contract must be totally legal
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| what takes priority over an oral agreement? | written
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| parol evidence rule | oral is considered over written do to incomplete or understood written
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| handwritten or typed parts? | take priority over pre-printed parts
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| waiver | a unilateral act which relinquishes a right in a contract
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| privity | a relationship of privateness exists in a contractual relationship
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| is a listing contract assignable? | no, it can not be given to another broker
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| novation | new
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| tender | an offer of money or performance in connection with a contract
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| can a broker bring a suit for breach of contract | no
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| liquidated damages clause | clause that state the consequence of breaking a contract
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| unilaterally rescind? | if they don't do their part you don't have to do yours
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| when is a contract have to be in writing, in terms of time? | if the terms are not to be performed within a year
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| what agreement does NOT have to be in writting | an agreement between brokers to share a commission
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| what is the statute of limitations on a oral contract? | V-two years
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| what is the statute of limitations on an encroachment or inverse condemnation? | E-three years
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| what is that statute of limitations on a written contract | W-4 years
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| what is the statute of limitation for a deed? | it doesn't have one
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| fiduciary relationship | integrity,honesty, loyalty
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| law of agency | an agent must reveal witch agency they are with
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| can an agent tell a buyer anything (the seller would take anything) just to get a sale? | No
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| what does not create an agency relationship? | voluntary offer
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| actual athority | a broker is usually employed as an actual agent
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| the principle of estoppel | bars a principal from denying an agency (can't let someone start something and then only deny it when they screw up)
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| if the property sells what happens to the agency? | it terminates
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| fiduciary obligation | disclose all offers
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| what should happen to all written offers? | they should be submitted immediately, unless frivolous
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| when acting exclusively as agent of the buyer, who else can the agent represent? | other buyers
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| is the oral promise of commission to a broker enforceable? | no
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| how does the broker officially earn commission? | by communicating acceptance
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| hold harmless clause | "you be honest with me and i'll be honest with you"
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| silence | known material fact that agent fails to disclose
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| "as is" clause | doesn't eliminate the duty to disclose material facts
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| even though a broker does not hold a fiduciary relationship with a customer/prospect? | the broker should still treat them fairly and honestly
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