Chapter 14 - Purchase Agreements Flashcards
1
Q
Definition of a Purchase Agreement
A
Seller promises to tell and buyer promises to buy based of stipulated price and terms
2
Q
What kind of contract is a purchase agreement
A
Bilateral
3
Q
Offeror
A
Anyone who makes the offer
4
Q
Offeree
A
Anyone who receives the offer
5
Q
Counter Offer
A
Anything a change is made to the existing offer, this makes the previous offer void and changes the positions of the offeror and offeree
6
Q
Who is the vendor and who is the vendee in a purchase agreement?
A
Vendor - Seller
Vendee - Buyer
7
Q
Equitable Title or Interest
A
Vendor (Seller) conveys equitable interest to the Vendee (Buyer) which makes the contract binding on both parties
