Chapter 6

Question 1

The Statute of Frauds

Answer 1

states that all agreements affecting title to or interest in real estate be in writing and signed by the parties. An oral agreement of sale is void

Question 2

bilateral contract

Answer 2

one in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party.

Question 3

four ways to construe a contract

Answer 3

valid, valid but enforceable, void, voidable

Question 4

contingencies

Answer 4

conditions that must be met in order for a contract to be performed

Question 5

legal description

Answer 5

Therefore, a precise description of the location of the land is required so the parties know exactly what property is being transferred from seller to buyer.

Question 6

express contract

Answer 6

all the terms and covenants of the agreement have been clearly stated and agreed to by all parties, whether verbally or in writing.

Question 7

implied contract

Answer 7

is an unstated or unintentional agreement that may be considered to exist when the actions of any of the parties suggest the existence of an agreement.

Question 8

executory contract

Answer 8

one in which performance is yet to be completed.

Question 9

Doctrine of Laches

Answer 9

a court has determined a contract is unenforceable due to needless delay or neglect in filing a claim even though the Statute of Limitations may not have expired