chapter 1 Flashcards
1
Q
void contract
A
is invalid from the beginning and does not affect the parties
2
Q
voidable contact
A
cannot be enforced against one or more of the parties
3
Q
earnest money
A
should not be confused with consideration. earnest money is not one of the requirements of a valid contract. there is no standard for the dollar amount of earnest money, but it is often in the range of 1% of the purchased price
4
Q
executory contract
A
from the effective date through the closing
5
Q
common amendments include
A
- changes to the closing date
- changes to the sales price, down payment , and/ or amount financed
- repairs that the seller agrees to perform
6
Q
addenda
A
sometimes a provision in an addendum contradicts a provision, in the main body of the contract. in such a case, the provision in the addendum
7
Q
contracts for personal services
A
are not assignable
8
Q
a buyers representation agreement or listing agreement
A
would not be assignable
