CH 6 Flashcards
An express contract may be
Written or Verbal
A bilateral contract occurs when
a promise to perform from a party is met by an equal promise.
A contract that is considered valid would be unenforceable if
rejected by one party is voidable
A valid, effective, and enforceable contract includes
Mutual consent, capacity to contract, consideration, and a lawful object
Under the State of Frauds, a real estate listing or purchase agreement must be in
writing but not commission-sharing agreements
Structural pest control reports include
Section 1 and 2
A national hazard disclosure statement is required only for
one-to-four unit properties
A master insurance policy is obtained for
Condominium properties
Regulation Z defines a creditor as
one who extends credit secured by a dwelling more than five times a year
The primary regulator for residential lending is
the department of housing and urban development (HUD)
department of housing and urban development (HUD)
The primary regulator for residential lending
Bilateral Contract
Is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party’s act. Each party is an (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party’s promise.
Executory Contract
Is a contract made by two parties in which the terms are set to be fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed. The contract is often in place between a debtor or borrower and another party.
Express Contract
An exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.
Hazard Insurance
Hazard insurance generally refers to coverage for the structure of your home only. It may cover “hazards” such as fire damage, hail damage, theft, vandalism, and more.
