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Chapter 1 : Intro to Real Estate and Real Property > chapter 3 : contract > Flashcards

chapter 3 : contract Flashcards

1
Q

a contract

A

is a voluntary agreement or promise between legally competent parties, supported by legal consideration to perform or refrain from performing some legal act 

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2
Q

voluntary

A

no one may be forced into a contract 

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3
Q

an agreement or a promise

A

A contract is essentially a legal enforceable promise 

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4
Q

legally competent parties 

A

The parties must be viewed by the law as capable of making a legally binding
Promise 

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5
Q

legal consideration 

A

A contract must be supported by something of value that induces a party to enter the contract, and that something must be legally sufficient to support a contract 

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6
Q

legal act 

A

No one may legally to do something illegal

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7
Q

Express contract 

A

exist when the party states, the terms and children, intentions in words, express contract may be oral or written 

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8
Q

bilateral 

A

in the bilateral contract wolves parties, promise to do something one promises given in exchange for another 

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9
Q

unilateral 

A

it’s a one-sided agreement one party makes a promise to induce a second party to do something if you wash dishes I’ll give you five dollars. The second part is not legally obligated to act. However, if they do wash dishes, you have to pay the five dollars. 

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10
Q

A contract may be classified as either 

A

executed or executory 

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11
Q

executed contract 

A

is a contract is one in which all parties have fulfilled their promises 

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12
Q

executory contract 

A

exist when one or both party still have an act to perform 

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13
Q

what are the basic essential elements of a contract? There are six. 

A

offer, acceptance, consideration, awareness, legality, capacity 

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14
Q

an offer

A

Is a promise made by one party, requesting something in exchange for that promise it must be excepted by the other, and offered by one party 

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15
Q

Mutual assent

A

Meeting of the minds or complete agreement about the purpose in terms of the contract 

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16
Q

Who makes the offer?

A

offeror

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17
Q

Who accepts the offer?

A

Offeree 

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18
Q

proposing any deviation from the terms of the offer constitutes into a what 

A

A rejection of the original offer, and create a new offer 

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19
Q

any change in the last offer may result in a counter offer until

A

Either party reached an agreement or one party walks away 

20
Q

after the offer has been accepted, it can be what 

A

withdrawn any time before the other party has been notified of the acceptance 

21
Q

acceptance

A

an offer is not considered excepted into the person making the offer has been notified of the parties acceptance

22
Q

consideration 

A

something of legal value offered by a party, and accepted by another, as to persuade the performance, or refrain from performing some act 

23
Q

adequate consideration ranges from as little as

A

Promise of love and affection, good consideration to 

a substantial sum of money, valuable consideration

24
Q

awareness



A

A contract must be entered into as the free, involuntary act of each party

there should be no mistakes, misrepresentation, fraud, undue, influence, or duress 

25
Q

 legality 

A

A contract must be for a legal purpose, a contract for an illegal purpose or an act against public policies is not a valid contract 

26
Q

capacity 

A

all parties to the contract must have legal capacity. They must have a mental capacity to understand the nature or consequences of their actions. 

27
Q

valid contract 

A

when it meets all the essential elements that make it legally sufficient or enforceable 

28
Q

void contract

A

A contract is void when he has no legal force or affect, because it lacks some or all of the essential elements of a contract 

29
Q

A contract is voidable when 

A

under duress intoxication, result of fraud mistake, or misrepresentation

A contract with a minor

I contract made by a person who has been adjudicated insane


30
Q

leases or rental agreement, signed by minors, generally are enforceable because 

A

short term housing is usually considered a necessity 

31
Q

valid

A

has all legal elements and is fully enforceable in court and between the parties

32
Q

Void

A

lacks one or all legal elements


33
Q

voidable

A

has all the legal elements, but may be rescinded or disaffirmed 

34
Q

unenforceable

A

Has all legal elements and is not enforceable in court only between the parties 

35
Q

A party who fails to meet the deadline specified in the contract is 

A

liable for breach of contract 

36
Q

courts sometimes have declared contracts to be invalid, because 

A

they do not contain a time or date for
Performance 

37
Q

in Illinois, a deed or contract executed on Sunday or legal holiday is



A

valid and enforceable 

38
Q

when the last day on which a deed or contract must be executed, is a holiday or Sunday…

A

The deed or contract may be executed on the next regular business day 

39
Q

novation 

A

substitution of contracts the parties intent must be to discharge the old obligation 

40
Q

assignment 

A

substitutions of parties

41
Q

breach of contract 

A

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

42
Q

other reasons for termination 

A

partial performance of the terms,

substantial performance on the contract, but does not complete all the details as the contract requires

impossibility of performance in which an act required by the contract, can not be legally accomplished

mutual agreement of the parties to cancel

operations of law, such as voiding contract by minor results of fraud, or do the expiration of the limitations of the contract 

43
Q

rescission

A

One party may cancel, or terminate the contract, as if you had never been made



44
Q

A licensing may not request or encourage a party to sign a contract or document that contains 

A

blank spaces to be filled in later, or to make changes to a signed contract without the riding consent of the parties 

45
Q

property management (listing) in renter/tenant (buyer) agency agreement are

A

employment contracts 

46
Q

A property management agreement establishes 

A

The rights and obligations of the sponsoring broker as agent and the landlord as principal 

Chapter 1 : Intro to Real Estate and Real Property (12 decks)

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