Contracts Flashcards
when two or more legally competent parties mutually agree, of their own free will
Contract
Anything monetary value to educe another into contract
Consideration
State law which requires that certain contracts must be written in order to be enforceable in a court of law
Statue of Frauds
Contract made orally or in writting
Express Contract
a contract that contains all essential elements of a contract also must be in writing.
Valid Contract
not a contract and never was
Void Contract
______ is one which all essentials of a valid contract are present , however one or two elements may be removed
Voidable Contract
____________contracts creates obligations each party must fulfill.
Enforceable
_______ was valid when made but cannot be proved or cannot be enforced by either party in a court of law
Unenforceable
_______ is not a at all and never was.
Void
_________ is a contract which one or both parties have not yet performed (executed)
Excutory
both parties make promises and there fore incur obligations.
Bilateral Contract
only one party is making a promise and only that party is obligated
Unilateral Contract
owner promises one or more brokers a commission
Open Listing Contract
oral or written communication to the offer or that offer has been accepted
Actual Communication
deliberately misrepresentation of a material made with intent of inducing another party to act
Actual Fraud
a page added to a form contract for the purpose of including essential terms or to provide supporting documents
Addendum
licensee signs when joining a broker or brokerage item
Affiliation agreement
process of settling disputes whereby disagreeing parties submit their difference to a neutral third party
Arbitration
the person whom right or legal interest is transformed
Assignee
legal transfer of one’s right and obligations under a contract to a third party
Assignment
one who transfer a right or legal interest to another
Assignor
Failure to fulfill an obligation on a contract
Breach o contract
Mixing funds held in a trust with the broker’s personal or business account
Compellingly
misrepresentation of material facts,with out intending to deceive or mislead
Constructive Fraud
Legal entity created under authority of the state
Corporation
a proposal by an offeror to an offeree or made in response to a counter off
Counter offer
Loss or injury to a person or property caused by breach of contract
Damages
the use of force to compel a person to enter into a contract
Duress
initial commitment of something of value to indicate that he/she wants to buy the p[property
Earnest Money
contract between parties to a real estate transaction which provide for a deposit of legal documents and money with a neutral third party
Escrow Agrrement
page added to a form contract for the purpose of including essential terms or to provide supporting documentation
Exhibit
Malicious or negligent misrepresentation of a material fact with the intent of inducing a party
Fraud
exaggeration of a property that doesn’t fool anybody
Puffing
breach of duty resulting fro failure to exercise reasonable care required by the circumstance involved in each individual case
Negligence
Something without monetary value,love and infection
Good Consideration
Essential element of contract which requires that all parties enter into a contract under there on free will absent of fraud
Genuine Assent
_______ contract in which the promises are not expressed but manifested by the conduct of the parties
Implied
