Chapter 12 Contracts

Question 1

According to the state of frauds for a contract to be enforceable it must be

Answer 1

Written

Question 2

In NY the time period to bring legal action is called

Answer 2

6 years statue of limitations

Question 3

An agreement that terminates a contract or changes parries is called

Answer 3

Novation

Question 4

The rule that States a contract must take place on or before is called

Answer 4

Time is of the essence

Question 5

In the purchase of a co-op you receive

Answer 5

Shares of stock

Question 6

What contract has no legal force or effect

Answer 6

Void contract

Question 7

An agreement between 2 competent parties to do or not is called a

Answer 7

Contract

Question 8

A written outline of the scope of the real estate transaction is called a

Answer 8

Binder

Question 9

The act of refraining from legal action to enforce payment is called

Answer 9

A forbearance

Question 10

In the purchase of a condo u receive a

Answer 10

Deed and tenancy in common

Question 11

A contract that is not fully performed is called

Answer 11

Executory