Chapter 11 keywords

Question 1

 assignment

Answer 1

The cell transfer or subrogation of rights and a contract is called an assignment

Question 2

Bilateral contract

Answer 2

In a bilateral contract, both of the parties to the contract, mutually agreed to be bound to performance of the terms and conditions, specified one party exchanges a promise to perform an act based on a promise of the other party a promise is given in exchange for a promise

Question 3

Competent parties

Answer 3

A valid contract is an agreement between two or more competent parties minors persons who are declared as incompetent by the courts and persons known to be mentally incompetent. Do not have the capacity to contract.

Question 4

Community development district

Answer 4

A community development district CDD, or district is a local unit of special purpose government authorized by F.S190 is CDD provides a mechanism for the financing and management of new communities

Question 5

Contract

Answer 5

A contract is an agreement between two or more competent parties that create an obligation to do or not to do a particular thing, the agreement can be either written or oral

Question 6

Culpable negligence

Answer 6

Is one of the reasons that can make a contract voidable

Question 7

Exclusive, agency listing

Answer 7

The exclusive agency, listing or exclusive list is a bilateral contract in which the property owner promises to list the property with only one broker the property owner promises to pay a commission. If the broker successfully performs, the owner reserves the right to sell the property themselves the broker is not out of commission if the owner sells the property.

Question 8

Exclusive, right of sale listing

Answer 8

The exclusive right of sale listen is a bilateral contract and wish the property owner promises to pay a commission, regardless of who sells the listed property

Question 9

Formal contract

Answer 9

A formal contract is written, contains all the elements of a valid contract and may be recorded in a public record. A formal contract is enforceable and the statute of frauds

Question 10

Fraud

Answer 10

Misrepresentation fraudulent activities, such as culpable, negligence, and misrepresentation

Question 11

Liquidated damages

Answer 11

Liquidated damages are those that are specified and agreed upon in the contract. The parties have agreed to the penalty to be imposed in the event of a breach by either Party this usually involves the seller retaining the deposit in the event of a buyer default.

Question 12

Meeting in the minds

Answer 12

There must be an offer and acceptance agreement, or meeting on the lines

Question 13

Net listing

Answer 13

Any of the listings previously discussed can be structured as a net listing.
In a net listing and the property owner to accept a stipulated amount, and no less upon cell of the property. This amount is called the sellers net.

Question 14

Open listing

Answer 14

An open listing contract is a unilateral contract. The property owner promises to pay a commission of the broker finds a buyer willing to purchase the property at a price and at terms that are acceptable to the property owner open listings may be either oral or written

Question 15

Option contract 

Answer 15

An option contract requires definite, valuable consideration, and option that is accompanied by only a token consideration is considered to be a listing not a contract since an unlicensed person cannot have a lesson. They must pay a different available considerations obtain a valid option. Otherwise agreement is void and attempt to conclude. Such transactions is a violation of law.

Question 16

Parol contract

Answer 16

Known as informal contract is an oral agreement, made solely by word-of-mouth or a partially written contract between the parties that may or may not contain all the elements of a valid contract and is not recorded in the public record and informal contract can be a valid legal contract that is not enforceable, and under the statute of frogs
Oral contracts are referred to as parol contracts

Question 17

Statute of frauds

Answer 17

The original statute of frauds was enacted in England in 1677 to provide protection against Fraud in the sale of Real property, requires a contract for the transfer of a right or interest in land to be in writing in order to be enforceable

Question 18

Statute of limitations

Answer 18

The statute of limitations provides time limits during which parties are allowed to bring legal action to enforce their rights under a contract
Or a contract of a contract is or action must be brought within four years
A contract in writing may enforce, and if action is brought within five years

Question 19

Unenforceable

Answer 19

Informal/parol contract is unenforceable

Question 20

Unilateral contract

Answer 20

Unilateral contract, only one part expressly agrees to perform an act only the one who agrees to perform. The act is bound by the terms of the contract one party gives a promise of performance, based on performance by the other party, a promise is given an exchange for an act.
Eg option contract

Question 21

Unliquidated damages

Answer 21

There are those that are not specified in the contract, but are determined by a court a suit for damages involves unliquidated damages

Question 22

Valid contract

Answer 22

The elements of a valid and enforceable real estate sales contracts are:
C= competent parties
O = offer acceptance
L = lawful subject
I = in riding
C = consideration

Question 23

Void contract

Answer 23

A contract that is void is inherently unenforceable. Avoid contract cannot be performed under the law.

Question 24

voidable contract

Answer 24

A voidable contract is a valid agreement that can be enforceable. However, one or both of the parties to the contract can cancel, or revoke the contract at any time.