4 S.R. Flashcards
To make a contract enforceable it must be enforceable in _______.
Court
The statute of _____ requires that contract involving the sale or transfer of land be in writing, and that the contract is signed by all parties.
Frauds
______ contracts have no legal effect are unenforceable by either party.
Voided
A contract can be void if it lacks any of the basic elements of a ______ contract.
Valid
A contract is ______ if one of the parties has the option to terminate the contract.
Voidable
There are valid, voidable, and ______ contracts
Void
A contract can be _____ if circumstances imply that parties have reached an agreement.
Implied in fact
A _____ contract is an agreement in which each of the parties to the contract makes a promise, or promises, to the other party.
Bilateral
In a _______ contract, only one party to the contract makes a promise.
Unilateral
_____ is an agreement not to perform.
Forbearance
_____ means a party transfers duties and/or obligations, but not responsibility.
Assignment
______ transfers all rights and obligations from the original owner to the new owner.
Novation
A/an _____ is an addition to the original agreement.
Addendum
A/an _____ is a change to the agreement after it was originally accepted.
Amendment
Mutual ______ is when both parties agree to cancel the contract.
Rescission
______ of contract is when one or more of the parties to the contract fail to perform, or interferes with the other party’s performance.
Breach
______ is a legal proceeding that requires a party to perform a specific act.
Specific performance
In a _______ lease, the term is a specified period of time.
Tenancy for years
A ______ lease is a loose agreement, and can be terminated at will.
Tenancy at will
A _____ is a contract in which a property title is transferred only after the buyer makes a certain number of periodic payments.
Contract for deed
As a real estate salesperson, with whom do you place your real estate license?
Your broker
What is the natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side?
Accretion
What is an addition to the agreement and is a part of it.
Addendum
What is a change to the agreement after it was originally accepted?
Amendment
What is a written instrument given to pass title of personal property from a seller to a buyer?
Bill of sale
What is the mixing of personal funds with trust funds?
Commingling
