real estate
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| expressed contract | declared
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| implied contract | created by action
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| bilateral contract | promise exchanged for a promise
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| unilateral contract | promise exchanged for PERFORMANCE
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| legal effects of contracts | 1.valid 2.void 3.voidable 4.unenforceable
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| valid | meets all requirements of law
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| void | no legal effect and not a contract
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| voidable | one party bound but not the other
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| uneforceable | may have been valid but at an earlier time but now enforcement is barred
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| Essentials of a Valid Contract | 1.Competent parties 2.mutual assent 3.lawful objective 4.consideration 5.written
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| competent parties | all parties must be legally competent for a contract to be legally enforceable
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| mutual assent | also known as mutual agreement. meeting of the minds means there must be an agreement to the provisions of the contract by the parties involved
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| lawful objective | a contract canNOT call for the breaking of laws to be enforceable
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| consideration | an act or promise given in exchange for something
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| valuable consideration | each party must give up something for consideration to be valuable
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| good consideration | when property is given as a gift based solely on love and affection
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| written | Statute of Frauds or Parol Evidence Rule
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| Statute of Frauds | requires that all contracts for the sale of real estate be in writing to be enforceable
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| Parol Evidence Rule | Permits oral evidence to complete an otherwise incomplete or ambiguous written contract
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| legal title | ownership of a freehold estate
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| equitable title | right to obtain legal title
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| Esign Act | effective as of March 1, 2001. Allows electronic agreements and signatures
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| Peformance | most contracts are discharged by being fully performed or executed by the contracting parties in accordance with the contract terms
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| Breech of Contract | Partial Performance
Rescission
Lawsuit for Money Damages
Lawsuit for Specific Performance
Liquidated damages
Mutual Rescission
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| Statute of Limitations | limits by law the amount of time a wronged party has to seek the aid of a court in obtaining justice. Time limits of 3-7 years are typical breach of contracts
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Created by:
mrbiernot
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