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My ASREB > Chapter 12 - B3 > Flashcards

Chapter 12 - B3 Flashcards

1
Q

Implied contract

A

Creating a contract with our actions and contract. Leases or less than a year cannot be implied

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2
Q

Bilateral contract

A

Two sided. Both sides are obligated. Exclusive right to sell. Seller has to pay. Realtor has to sell.

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3
Q

Unilateral contract

A

Only one person is obligated. Ex: buyer has an option to buy at a set price. Ex; open listing

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4
Q

Executory contract

A

A contract where terms and conditions have not been met. Ex: anything in escrow is executory.

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5
Q

Expressed contract

A

Agree to the terms and conditions. Can be verbal or in writing.

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6
Q

Optionee

A

Buyer

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7
Q

Optioner

A

Seller

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8
Q

Equitable title

A

Buyer owns equitable title

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9
Q

Executed contract

A

Both parties fulfill all obligations. Once its executed, the buyer owns legal title

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10
Q

Valid

A

Means legal, binding, enforceable. If someone dies the contract is valid. Its the estate responsibility to fulfill the contract if seller dies. Bad broker sucks, its still a valid contract

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11
Q

Void

A

When there’s something illegal. Which means it never existed.

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12
Q

Voidable

A

Is rescindable by one of the parties. Typically not the party in the breach. Its voidable against the incompetent party.

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13
Q

Unenforceable

A

Missing signatures. If seller never signed it, can she sell the property? Yes
Spouse- if one spouse does sign.
Also missing legal description.
Also verbal real estate contracts.
Could seller and buyer have a verbal contract? Yes. It is not void. Not valid. Not Voidable. It is Unenforceable.

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14
Q

Illusory contract

A

Appears to be a contract but not.

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15
Q

Duress, collusion, menace

A

Seller tells buyer if you dont sign the contract ill break your knee.

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16
Q

Statue of fraud

A

All real estate contracts must be in writing. This statue cannot be forgery.

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17
Q

Exceptions

A

Statue of fraud exception - Leases of one year or less can be valid.

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18
Q

Equal dignity rule

A

The authority given to an agent has to be in writing

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19
Q

Forgery

A

Statute of fraud cannot be forgery.

20
Q

Parol evidence rule

A

Written proceeds oral. The written agreement over the oral agreement.

21
Q

Competent parties

A

Individuals- natural persons who are 18years and over 18years. Under 18 are incompetent.

Legally Married couple or community

22
Q

Incompetent

A

Individuals- natural persons who are under 18years.

Any person who is sober while signing contract. Liquor, medication, illicit

23
Q

Remember this point

A

The judge can only say if party are incompetent.

24
Q

Infancy

A

You have to be 18 otherwise you are considered infancy

25
Q

Majority

A

You have to be 18years

26
Q

Personal representative

A

Refer notes

27
Q

Attorney-in-fact

A

Person with the power of authority

28
Q

Misrepresentation

A

False statements. Distortion of fact. A LIE. Lie by omission- in the state of az, if you are silent when asked a question, then your answer is a NO.

Do not represent schools or crimes. Point them to information, dont give your opinion.

29
Q

Fraud

A

Deception for personal gain or to harm another. Steps to fraud is Intent.

30
Q

Collusion

A

Two or more to harm.

31
Q

Undue influence

A

Taking a position of power

Ex: if you want to keep the job, i want you to buy my house. Otherwise i will fire you. - this is taking power.

32
Q

Duress

A

An implied threat.

Ex: if you dont buy my house, you will go missing. It is implied.

33
Q

Menace

A

You will go missing if you dont buy my house. No longer implied. It is direct physical harm.

34
Q

Bonafide

A

Good faith

35
Q

consideration

A

What you give in exchange for what you are giving. It must be legal.

36
Q

Good consideration

A

Have to be something in return. The problem with this is, its not durable. Illegal service- Love, affection, friendship. You cannot these to anyone. You are doing illegal service, you buy a house

37
Q

Valuable consideration

A

Property with all the goods- personal property real property epersona.

38
Q

Convey, transfer, sell, give

A

All these mean the same.

39
Q

Legal description

A
  1. Meets and bounds- using landmarks to define the property. Problems- landscape changes, tree dies, rivers move.
  2. rectangular survey.
  3. lots and block. - you go to a county…you see lots rectangular. You to subdivision…you see triangles etc.
40
Q

Offer

A

Not a contract. Where one party promises to perform

41
Q

Offeror

A

Is the one giving the offer. Not always the buyer or the seller.

42
Q

Offeree

A

Is the one recieving the offer. Not always the buyer or the seller.

43
Q

Counter-offer

A

Conditional or qualified acceptance. Which is to say ill accept everything except some- like price or escrow date. It terminates offer. Any modification of original offer.

44
Q

Acceptance

A

When offeree accepts or agrees without change.

45
Q

Guardian

A

Assigned by court who are incompetent

46
Q

Option

A

Unilateral contract. Optionor i.e seller had to perform. Prescribed price in prescribed time.

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