Contract Law

Question 1

Contract

Answer 1

Illegally enforceable agreement between two parties, who agree to perform or refrain from performing certain acts 

Question 2

Express contract

Answer 2

Contract created by words, oral or written of the contracting parties 

Question 3

Implied contracts

Answer 3

These contracts are created by the actions of the parties 

Question 4

Execution

Answer 4

This refers to the placing of the signatures, thus putting the deed into affect a person who signed the document as a signatory to the document 

Question 5

Executory

Answer 5

One the terms of an executory contract or not yet fully performed. The contract is in process of being carried out in the contract is not in default.
Well, yeah

Question 6

Executed

Answer 6

Terms of this have been fully performed. Can be executed by one party and executory by the other party

Question 7

Bilateral

Answer 7

The exchange of a promise for a promise. Repc or promisory note

Question 8

Unilateral

Answer 8

Exchange for promise for performance, example would be a reward poster, employment agreement between a principal broker, and a sales agent, or an associate broker. For the option contract for purchase of real estate, until it is exercised.

Question 9

Mutual agreement/assent

Answer 9

Meeting of the minds

Question 10

Essential elements of a contract

Answer 10

Mutual consent, consideration, capacity, legal purpose, and for real estate, it must be in writing

Question 11

Consideration

Answer 11

Each party must incur legal detriment and or receive benefits.
Valuable and good

Question 12

Valuable consideration

Answer 12

includes money, real or personal property services or promises $10

Question 13

Good consideration

Answer 13

Love and friendship
DOES NOT CONSTITUTE enough for contract

Question 14

Capacity

Answer 14

The premise that each party is able to understand the terms of the contract, and make rational decisions to whether or not entering into it is desirable

Question 15

Legal purpose

Answer 15

I’ll contracts must be in agreement with public policy or law

Question 16

Void

Answer 16

We have one or more of the essential elements are missing for both parties.

Question 17

Voidable

Answer 17

One element is missing for one party. Like a minor entering into a contract

Question 18

Statute of frauds

Answer 18

Contracts for real estate
Lease agreements for longer than a year
More than $500
In writing

Question 19

Parole evidence

Answer 19

Testimony that is in contrast to the written agreement is not admissible

Question 20

Lis pendens

Answer 20

Filing of a public notice that legal action is pending on a particular property, the property can be sold during this time, but is subject to court approval and action public notice that legal action is pending on a particular property, the property can be sold during this time, but is subject to court approval and action 

Question 21

Judgement

Answer 21

Formal decision of a court in a legal action or suit.

Question 22

Attachment

Answer 22

Seizing real or personal property of a defendant in a law suit levied.
Holding it in the custody of the court.

Question 23

Writ of execution

Answer 23

Court order directing an officer of the court to sell a property of a defendant to satisfy judgment

Question 24

Abrogation

Answer 24

The final documents executed at the closing abrogate, or nullify the real estate purchase contract except the provisions, that the parties agree to survive closing 

Question 25

Positive fraud (overt)

Answer 25

Overt or deliberate misrepresentation about facts

Question 26

Negative fraud

Answer 26

Covert or hiding omitted information

Question 27

Constructive fraud

Answer 27

No evil intent to misrepresent not intentional

Question 28

Puffing

Answer 28

Gross exaggeration of opinion
“My house is the best”

Question 29

Rescission

Answer 29

Contract to end a contract
Annulment return to original position

Question 30

Suit for damages

Answer 30

The injured party is ordered money adjustments, because contracts contain results of the parties are expecting to occur

Question 31

Suit for performance

Answer 31

The guilty party is ordered by the court to complete as agreed

Question 32

Liquidated damages

Answer 32

In anticipation of a particular default.
Bounce check
Late penalty
Earnest money

Question 33

Mediation

Answer 33

Other options open to the parties in a dispute.

Question 34

Assignment

Answer 34

Includes unless contracts prohibits

Question 35

Novation

Answer 35

Substitute one obligar in place of another. Qualified assumption

Question 36

Tender

Answer 36

To make or present an offer