Contracts

Question 1

Expressed Contracts: Created by expressed spoken words or writings

Implied contracts: Created by implied circumstances, such as the sale of goods

Answer 1

Expressed Contracts vs implied contracts

Question 2

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

Answer 2

Statute of Frauds (SOFs)

Question 3

The bargained for agreed upon items from each party

It is received by the promisee from the promisor

Answer 3

Consideration

Question 4

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

Answer 4

Performance, obligor, and obligee

Question 5

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

Answer 5

Unilateral contract

Question 6

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

Answer 6

Bilateral contract

Question 7

Constitution the transfer of the rights under a contract from one party (assignor) to another party (assignee)

The obligation remain with the assignor

Answer 7

Assignment

Question 8

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

Answer 8

Novation

Question 9

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

Answer 9

Breach of contract

Question 10

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

Answer 10

Default

Question 11

The process of excluding a tenant from a leased premises so that an landlord may regain possession of the leased property

Answer 11

Eviction

Question 12

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

Answer 12

Actual eviction

Question 13

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

Answer 13

Constructive eviction

Question 14

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

Answer 14

Contingency clause

Question 15

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

Answer 15

Lease purchase

Question 16

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

Answer 16

Option contract

Question 17

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

Answer 17

Right of first refusal

Question 18

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

Answer 18

Statue of limitations

Question 19

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

Answer 19

B. Choice is the general definition of a contract

Question 20

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

Answer 20

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

Question 21

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.

Answer 21

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.

Question 22

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

Answer 22

A purchase contract

Question 23

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

Answer 23

C. No unless it was stipulated in the contract