Contracts Flashcards
For a meeting if the minds to exist:
There must be a written agreement between the offer or and the offeree.
When an agent accepts a listing on real property and promises to advertise and promote its sale in exchange for the promos of a commission if the agent succeeds, this is:
A bilateral contract
Every real estate sales contract must contain:
An offer and acceptance
The amount of earnest money deposited is determined by:
Agreement if the parties.
When only one party to the agreement makes a promise this is called a:
Unilateral contract.
A counteroffer:
Invalidates the original offer
Is a purchaser had signed a contact under duress, it is generally:
Voidable by the buyer
A real estate sales contract is not effective unless it is signed by:
Both the buyer and seller
A novation is BEST defined as:
The substitution of one party for another in a contact wherein the original contact is extinguished and the undertaking of the new party is a new obligation.
The law that bars legal claims after certain periods of time is known as the:
Statute of limitations
A contact in which the terms are determined from observing the conduct of the parties is a/an: ____________ contact
Implied
A contract in which a promise is exchanged for a promise is:
Bilateral
A contract in which both parties have met all obligations is:
Executed
A contact that lacks one or more of the essential elements of a contact is:
Void
A contact which allows one of the parties to elect to be bound to the contract or escape its consequences is:
Voidable
A proposal make by one person to another is called:
An offer
The substitution of a new contract for an old contract which discharges all obligations under the old contract is called:
Novation
A substitution of a party to a contact which excuses one of the original parties is called:
Assignment
A purchase contract provision stating that the buyer shall forfeit the deposit of the buyer fails to complete the purchase is know as:
Liquidation damages
