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Charter comm > Contract Vocab > Flashcards

Contract Vocab Flashcards

1
Q

Unilateral

A

One sided-offer-option

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2
Q

Bilateral

A

Promises made by two parties- two sided

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3
Q

Duress

A

Contract signed under threat- elder abuse

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4
Q

Express Contract

A

Contract in writing expressing terms

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5
Q

Implied Contract

A

An agreement based on actions of parties

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6
Q

Executory Contract

A

Contract in which something remains to be done

Closing

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7
Q

Executed Contract

A

Closed Contract

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8
Q

Execute

A

To sign contract

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9
Q

Addendum

A

Something added to printed contract to request other things buyer wants like closing cost

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10
Q

Amendment

A

Mend Contract after creation (change closing date)

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11
Q

Void Contract

A

One that did not meet requirements of a valid contract (forged name)

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12
Q

Voidable Contract

A

One that appears to be valid, but may be voided like a minor signing it

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13
Q

Minor

A

Alabama must be 19 or 18 and married to sign contract

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14
Q

Earnest Money

A

Earnest put up earnest money to show he is earnest about deal- not required for valid contract

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15
Q

Breach of Contract

A

One party failed to perform (buyer gets cold feet)

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16
Q

Option Contract

A

Agreement to allow a buyer to purchase or not, at a future date- no contingencies

17
Q

Lease/Purchase

A

Two Contracts-lease for a period and a Contract

18
Q

Consideration

A

Something for something

19
Q

Contingency- Inspection, Financing

A

Provision in contract requiring a certain act be done before contract becomes binding

20
Q

Offer

A

One party offers to do something for something-one sided

21
Q

Counteroffer

A

Response to offer with another offer

22
Q

Acceptance

A

Meeting of the minds

23
Q

Rescission

A

Canceling of contract-back to original positions

24
Q

Novation

A

Substituting new contract

25
Q

Breach of contract

A

Violation of contract without excuse- changed mind

26
Q

Liquidated damages

A

An amount predetermined as the total damages for breach(probably earnest money)

27
Q

Specific Performance

A

Legal action to compel a party to fulfill terms of contract

28
Q

Statute of frauds

A

Law that requires instruments involving real estate to be in writing to be enforceable

29
Q

Instrument

A

Document

30
Q

Statue of limitation

A

Law that puts time limits on bringing action in court

31
Q

Time is of the essence

A

Clause in contract that requires performance within a certain time or breach

32
Q

Laches

A

Loss of rights due to delay in asserting claim (property inspection)

33
Q

B
A
R
N

S
A
L
E

A

Buy
Advertise
Rent
Negotiate

Sell
Aid
List
Exchange

34
Q

Brokerage

A

Bringing sellers and buyers together for a fee

35
Q

Agent

A

Person employed to act on behalf of another under agency relationship-fiduciary

36
Q

Antitrust

A

Price fixing, Goup boycotting, Allocation of customers, Allocation of markets, tie-in agree

Charter comm (11 decks)

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