Chapter 11 vocab Flashcards

1
Q

A voluntary legally enforceable promise between legally competent parties to perform(or refrain from performing) some legal act

A

Contract

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2
Q

A contract in which the parties state their intentions in words

A

Express contract

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3
Q

A contract established by the acts and conduct of the parties

A

Implied contract

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4
Q

A contract in which both parties promise to perform some act

A

Bilateral contract

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5
Q

an agreement having one promise

A

Unilateral contract

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6
Q

The contract that has been completely performed

A

Executed contract

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7
Q

The status of a real estate sales contract prior to closing

A

executory contract

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8
Q

The person who accepts the offer in a contract

A

Offeree

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9
Q

Complete agreement about the purpose and terms of a contract

A

Mutual assent

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10
Q

something of legal value offered by one party, and accepted by another as an inducement to act or refrain from acting

A

Consideration

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11
Q

A contract that is without legal force or effect, because it lacks one or more essential elements

A

Void

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12
Q

The transfer of rights or duties under a contract

A

Assignment

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13
Q

The substitution of a new contract to replace an earlier one

A

Novation

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14
Q

A violation of any of the terms or conditions of a contract without legal excuse

A

Breach

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15
Q

A new offer that rejects the original offer

A

Counter offer

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16
Q

A deposit customarily made by a prospective purchaser when making an offer

A

Earnest money

17
Q

The interest held by a buyer prior to delivery and acceptance of the deed

A

Equitable title

18
Q

an amount of money that the parties agree will be the complete compensation available in the event of a breach

A

Liquidated damages

19
Q

additional conditions that must be satisfied before a property sales contract is fully enforceable

A

Contingencies

20
Q

Parties must be of legal age and have a mental capacity to understand the consequences of their actions in the contract

A

Legal capacity