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Terms > Contracts > Flashcards

Contracts Flashcards

1
Q

A legally enforceable promise or set of promises between competent parties, upon legal consideration, to do or abstain from doing some legal act, for which, if breached, a remedy is provided by law

A

Contract

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2
Q

Formed by the suggestion of the parties’ acts and conduct.

A

Implied Contract

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3
Q

The terms are communicated in words, may be written or oral.

A

Express Contract

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4
Q

A contract in which only one party is obligated; ex. Option contract

A

Unilateral Contract

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5
Q

Both parties are obligated, ex. The seller must sell and the buyer must buy.

A

Bilateral Contract

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6
Q

One which has been signed but has not been fulfilled. Ex. A signed purchase agreement which has not closed.

A

Executory Contract

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7
Q

One in which all the parties have met all the terms and conditions of the contract.

A

Executed Contract

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8
Q

Contains all the essential elements of a contract and is binding and enforceable.

A

Valid Contract

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9
Q

Has not legal effect and is not binding on either party; no contract exists.

A

Void Contract

Null

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10
Q

One that is still binding but is flawed; that may be voided if the wronged party chooses.

A

Voidable Contract

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11
Q

Essential Elements of A Valid Contract

A

1 . Offer and acceptance

  1. Consideration
  2. Legal capacity
  3. Legal objective
  4. Disclosure
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12
Q

Items of material value

A

Valuable consideration

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13
Q

Things of abstract value such as love and affection.

A

Good consideration

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14
Q

Then there is intent to deceive; ex. lying

A

Actual Fraud

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15
Q

When there is not intent to harm. Ex. Breach of duty

A

Constructive Fraud

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16
Q

Errors regarding the facts of a contract

A

Mistakes of Fact

17
Q

When a party, in full knowledge of facts, comes to an erroneous conclusion as to their legal ramifications.

A

Mistakes of Law

18
Q

Allows one party to the contract to substitute a new contractual obligation for his original one.

A

Accord and Satisfaction

19
Q

The substitution of one party to the contract with a new party

A

Novation

20
Q

Cancellation of the contract as if it never existed.

A

Rescision

21
Q

The concept that one may lose his legal rights if he inexcusably fails to exercise them within a reasonable time.

A

Laches

22
Q

Seller retains the right to employ as many brokers as he wants.

A

Open Listing

23
Q

Only one broker is hired, but the seller may still sell the property himself and not pay a commission

A

Exclusive Agency

24
Q

Only one broker is hired as the agent; regardless of who sells the property, the seller must pay the broker a commission; most common type

A

Exclusive Right to Sell

25
Q

The broker may legally accept as his commission all money from the sale in excess of the net price specified by the seller. Illegal in some states

A

Net Listing Clause

26
Q

A monetary deposit is required. If either party fails to meet the obligations of the contract, he may sue for rescission, damages, or to have the sale completed

A

Specific Performance

27
Q

A monetary deposit accompanying a contract. If either party defaults, he loses the amount of it

A

Earnest Money

28
Q

The owner gives a prospective buyer the right to buy the property at a certain price for a certain period of time

A

Option

29
Q

Also called land contract or contract for deed; a type of owner financing in which the seller retains title until the full

A

Installment Sale or Bond for Deed

30
Q

Owner financing in which the buyer receives title at closing.

A

Purchase Money Mortgage

31
Q

When a property is sold for less than one half the market value.

A

Lesion Beyond Moiety

32
Q

The contract must be performed within the time limit specified.

A

Time is of the Essence

33
Q

The buyer’s interest in the property after the contract to purchase is signed, but before title is actually transferred.

A

Equitable Title

Terms (9 decks)

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