Chpt. 12 Flashcards
A contract in which the parties state their intentions in words
Express contract
A contract established by the acts and conduct of the parties
Implied contract
A contract in which both parties promise to perform some act
Bilateral contract
An agreement having one promise
Unilateral contract
A contract that has been completely performed
Executed contract
The status of a real estate sales contract prior to closing
Executory contract
The person who accepts the offer in a contract
Offeree
Complete agreement about the purpose and terms of a contract
Mutual assent
Something of legal value offered by one party and accepted by another as an inducement to act or refrain from acting
Consideration
A contract that is without legal force or effect because it lacks one or more essential elements
Void
The transfer of rights or duties under a contract
Assignation
The substitution of a new contract to replace an earlier one
Novation
A contract established by the acts and conduct of the parties
Counteroffer
A violation of any of the terms or conditions of a contract without legal excuse
Breach
A deposit customarily made by a prospective purchaser when making an offer
Earnest money
