Chapter 14

Question 1

The next step after an offer

Answer 1

Acceptance

Question 2

Two parties entering agreement was set terms in both parties agree

Answer 2

Bilateral vs unilateral

Question 3

Something value typically earnest money offered to tie into the contracts as a promise to perform

Answer 3

Consideration

Question 4

When the offer goes to the other side and they counter

Answer 4

Counter offer

Question 5

Someone in a contract or negotiation process is put in a strain or forced into doing something

Answer 5

Duress

Question 6

Has the essential elements and the terms can be met or can more forward in a legal fashion that can be fully executed

Answer 6

Enforceable

Question 7

Something is left and done

Answer 7

Exectory contract

Question 8

A contract that is written or oral with intent

Answer 8

Express contract

Question 9

One party is doing something to misleader gain advantage of another party

Answer 9

Fraud

Question 10

Terms are meant fulfilled and signed

Answer 10

Fully executed contract

Question 11

A contract vague by actions, accidental

Answer 11

Implied contract

Question 12

The beginning point of any negotiation

Answer 12

Offer

Question 13

What are the ways to end a contract?

Answer 13

Fulfilling and executing the contract
Having the inability to perform
If both parties agree to terminate

Question 14

Using a position of authority to the seller to make a decision that was not in their best interest

Answer 14

Undo influence

Question 15

Appears to be a valid contract because the terms are all there, but not accurate because of something illegal

Answer 15

Unenforceable

Question 16

When all of the essential elements of a contractor in place

Answer 16

Valid

Question 17

When one of the essential elements are missing?

Answer 17

Void

Question 18

When one of the essential elements are in question

Answer 18

Voidable

Question 19

What are the four essentials of a contract?

Answer 19

Offer an acceptance
Consideration
Legal competent parties
Legal purpose

Question 20

Providing false or inaccurate information

Answer 20

Fraud or misrepresentation

Question 21

Contract has been executed on sellers part but the buyer has something outstanding so it’s executory on their part

Answer 21

Fully executed executory contract

Question 22

Promise to perform

Answer 22

Good and valuable consideration

Question 23

Leaving something out of contract, wording it incorrectly, and improper disclosures

Answer 23

Mistakes of factor law

Question 24

States are all real estate contracts must be in writing in order to be enforceable in a court of law

Answer 24

Statue of frauds