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KY Real Estate Salesperson > CHP 32 - General Contract Law > Flashcards

CHP 32 - General Contract Law Flashcards

1
Q

Contract

A

Agreement between 2+ parties to perform or refrain from performing some act

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2
Q

4 legal status’ of a contract

A
  • Valid
  • Valid but unenforceable
  • Void
  • Voidable
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3
Q

Valid

A

Meets legal requirements.
-Written ones are enforceable within a statutory period

-Oral : Generally enforceable with some exceptions

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4
Q

Valid but unenforceable

A

State law requires that some contracts are only enforceable if in writing.

There’s no legal recourse to enforce performance

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5
Q

Void

A

is not valid and therefore not a contract at all

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6
Q

Voidable

A

Initially appears to be valid but is subject to rescind due to disability

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7
Q

Voidable VS Void

A

A void contract does NOT require an act of disaffirmation to render it unenforceable

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8
Q

What makes a contract valid

A
  1. Competent Parties
  2. Mutual Consent
  3. Valuable Consideration
  4. Legal Purpose
  5. Voluntary Act of Good Faith
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9
Q

What makes a competent party

A
  • Legal Age
  • Mental Competency
  • Legitimate authority
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10
Q

Mutual Consent AKA

A

Offer and acceptance/meeting of the minds

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11
Q

Statute of Limitations

A

Time restriction

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12
Q

Statue of Frauds

A

Contract must be in writing to be enforceable

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13
Q

Uniform Electronic Transactions Act

A

Makes it legal to use electronic signatures

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14
Q

Termination of Offer

A
  • acceptance (becomes contract)
  • Rejection
  • Withdrawal
  • Lapse of Time
  • The offeree changes the offer
  • Death or insanity
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15
Q

Define Parol

A

An oral contract

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16
Q

Express Contract

A

All terms have been stated and agreed

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17
Q

Implied Contract

A

Any Parties acts as if there is a contract

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18
Q

Bilateral Contract

A

Both parties promise to perform

Example: Earnest money

Buyer promises to pay, seller promises to deliver title

19
Q

Unilateral Contract

A

Only one party promises

Example: An option

20
Q

Executed Contract

A

Fully performed and fulfilled

21
Q

Executory Contract

A

performance not yet completed

22
Q

Unconscionable Contract

A

unduly favors the party with superior bargaining power

23
Q

Adhesion Contract

A

Dictated by the party who has the greater bargaining advantage

Not unconscionable bc it doesn’t unfairly exploit but there’s no true meeting of minds

24
Q

Aleatory Contract

A

Effects are triggered by occurrence of a chance event

Example: Insurance policies

25
Q

Performance

A

Partial or sufficient

26
Q

Infeasibility

A

Valid contract canceled bc it’s not possible to perform

27
Q

Mutual agreement to terminate or renounce

A

Novation

28
Q

Cooling Period Rescission

A

Cancellation without injury within statutory period of time

Revoke contract at anytime before the other party has performed its obligations

29
Q

Revocation

A

Cancellation by one party without consent of the other

30
Q

Abandonment

A

Party fails to perform contractual obligations

31
Q

Operation of law

A

rights and liabilities of parties change due to law

Example: BK

32
Q

Breach of contract

A

Failure to perform AKA Default

33
Q

Legal remedies for default

A

Rescission
Forfeiture
suit for damages
Suit for specific performance

34
Q

Types of compensation for damages

A

Liquidated and unliquidated damages

35
Q

Liquidated

A

When compensation is known via contract

36
Q

Unliquidated

A

Contract does not specify amount

37
Q

Reformataion

A

Legal action filed when Contract has mechanical or clerical error that needs to be corrected

38
Q

When does a counteroffer become a contract

A

When the offeree accepts without changing

39
Q

When does an offer become a contract

A

When the offeree gives the offeror notice of the acceptance

40
Q

If an offeree alters any part of an offer and then signs it ______

A

The original offer is extinguished and the offeror is not bound by any agreement

41
Q

A buyer withdraws an offer before acceptance what is the status of the offer

A

The offer is extinguished along with the sellers right to accept it

42
Q

A seller signs a listing agreement and then decides not to sale does the broker have any recourse

A

YES possibly

43
Q

If the offer accepted is vague which necessary condition may be found missing

A

Mutual consent

KY Real Estate Salesperson (57 decks)

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