Ch11: Real Estate Contracts Flashcards
1
Q
Contract
A
voluntary agreement or promise between legally competent parties supported by legal consideration, to perform ( or refrain from performing) some legal act
2
Q
Express Contract
A
exists when the parties state the terms and show intention with words
-written or verbal
3
Q
Implied Contract
A
agreement of parties that is demonstrated by their acts of conducts
4
Q
Bilateral Contract
A
both parties agree to do something- promise exchanged for another promise
5
Q
Unilateral Contract
A
one-sided agreement
-one party makes promise to induce second party to do something
6
Q
Executed Contract
A
all terms have been performed and all signatures present
7
Q
Executory Contract
A
one that has all elements yet to be performed and all signatures present
