Contracts Flashcards
Expressed Contracts: Created by expressed spoken words or writings
Implied contracts: Created by implied circumstances, such as the sale of goods
Expressed Contracts vs implied contracts
Requires that some contracts be in written form signed by the parties involved for there to be an enforceable agreement
The purpose of this statute is to prevent fraud and harm parties involved
Statute of Frauds (SOFs)
The bargained for agreed upon items from each party
It is received by the promisee from the promisor
Consideration
Performance: the conduct that a party in a contract must do or not do because it was negotiated under the terms of the contract
Obligor:The person who has the obligation to perform
Obligee: the person who has the obligation to receive the performance
Performance, obligor, and obligee
A contract based on a promise to perform that is exchange (or bargained) for another performance
For example an offer or says I will paint your house if you pay me $3,000 the promise to perform the painting of the house is enforced only by the performance of a $3,000 payment
Unilateral contract
A contract based on a promise to perform that is exchange (or bargained) for another promise to perform
For example and offeror says. I will paint your house and the offeree says I will pay you $3,000
Bilateral contract
Constitution the transfer of the rights under a contract from one party (assignor) to another party (assignee)
The obligation remain with the assignor
Assignment
Constitution the transfer of both rights and obligations/liabilities under a contract from assignor to assignee
This fundamental terminates the original contract creates a new one
Novation
An intentional or unintentionally violation of the contracts agreement
Contractual breaches may be reputation of a promise (refusal to accept), failure to perform a promise,
Or interference with another’s party’s performance under the contract
Breach of contract
When a borrower breaches a loan agreement
A default does consist of missing a single timely payment. It is terms with a designated meaning under the terms of the loan agreement or promissory notes
Default
The process of excluding a tenant from a leased premises so that an landlord may regain possession of the leased property
Eviction
When a landowner of a leased property physically excludes the tenant from entire property and the tenant is unable to use or access the property
Actual eviction
When the landlord’s conduct interrupts the tenant’s ability to enjoy and use the property as the tenant’s chooses
It does not involve physically excluding a tenant from the premises.however, it is still considered a breach of the tenant’s right to occupy and use the premises as stated in the terms of the lease
Constructive eviction
Allows a buyer to terminate the contract under certain conditions or events
Under this type of clause,a buyer may receive their earnest money back.for example there may be contingency clause that the buyer must be able to secure financing to purchase the property
Contingency clause
A transaction that creates a lease that allows to buy the land at the end of a lease
The transaction contains two contracts (a) a lease and (b) purchase contract
Lease purchase
A promise by the seller to the buyer that buyer will able to purchase the property as a set price for a stated amount time
There is an option fee that must be paid by the buyer. The seller retains the fee because the seller is paid consideration of keeping the option open to the buyer
Option contract
A contractual right that allows the right shoulder to consider a specific proposal before it is offered to any other party
The holder of the right may enter into the transaction but is not obligated to do so should the right shoulder decline to exercise their right of first refusal the proposal may be presented to other prospective interested parties
Right of first refusal
A law which requires that an aggressived party bring lawsuit claim within a certain amount of time in order to recover some type of award for legally recognized harm
Statue of limitations
Which of the following best describes a contract?
A. Written agreement between two or more people
B. A legal agreement between two or more people
C. An agreement for the sale of a property
D. A right a performance under an agreement
B. Choice is the general definition of a contract
Maya verbally says to Nathan, I will buy your property for $100,000,00 Nathan replies I accept your offer what kind of contract have the parties made?
There is no contract
D. Is correct because the sale of land must be in writing as required by the statue of frauds; the parties in the question,Maya and Nathan orally agreed to the sale of the land
At a grocery store, if a customer
wants to keep their groceries, are
they legally obligated to pay for them after
the cashier totals up their cost?
A. No, they can unilaterally decide not to pay
B No, they are not obligated to pay.
C Yes, there’s a contract between them.
D. Yes, they picked out the groceries.
C. correct because there is an implied
Contract between the customer and the cashier. customer does not have the authority tounilateral decision, and the customerobligated to pay. Choice D does not affector not the customer needs to pay for the groceries.
A grantor and a grantee for the sale of land from the grantor to the grantee in this contract, the grantee takes all grantor’s which rope off Transaction is this?
A. Purchase contract
B.lease purchase
C option contract
D lease
A purchase contract
Patrick paid Quincy a fee to buy his property, but Patrick decided all buy Quincy property after all, can Patrick the fee back?
A yes, Patrick does not intend to buy property
B. Yes, Quincy should not keep the fee and sell the house to someone else
C. No unless it was stipulated in the contract
D unkown
C. No unless it was stipulated in the contract
