contracts and offers Flashcards
They are complete; there is nothing more that needs fulfilling.
Executed
An offer terminates by any of the following, EXCEPT:
rejection by the offeror
In which situation would an agency relationship automatically terminate during the term of agency?
The principal or the agent is declared insane by a court
Termination of a listing would occur in all of the following, EXCEPT:
a suit for monetary damages
Agency is defined as a legal relationship in which one person acts for, and under the control of another person:
in dealing with third parties
Those contracts have not yet been completed because of unfinished obligations.
Executory
This fee covers the cost for the lender to process an application
Application Fee
Only one party is involved in making a promise concerning the contract
Unilateral
A court order to carry out the terms of a real estate sales contract would be associated with the term:
Specific performance
Fiduciary most closing means:
Trust
A general agent usually has the authority to:
Conduct a series of transaction on behalf of his principal
An agent’s authority is classified as actual, express, implied or apparent. If a seller calls a broker and asks him to sell his house, this is an example of:
Express authority
At the time of entering into a binding contract, the buyer acquires:
equitable title
A ‘time is of the essence’ clause is most likely to be found in which of the following:
An option to purchase
You wake up and find that your garage is on fire. You call the fire department and tell the chief you will give him $400 if he puts the fire out. The fire is extinguished and the chief asks you to pay $400. You refuse to pay:
the contract is not binding because the chief did not give any consideration
They meet the necessary contract law requirements and offer legal repercussions if it is not fulfilled.
Enforceable
This is a type of seller financing in which buyers receive title after making payments on a property until the purchase price is paid.
contract for deed
They may appear to be legal but are lacking in their ability to meet some of the legal requirements. One or more parties can rescind the agreement as long as it’s done within a certain time frame.
Voidable
Brokers in a contract for deed should be paid:
at the time of signing
Such contracts do not meet the criteria for contract law. This may be due to the contract containing illegal intent and therefore being unenforceable.
Void
All parties are presumed to be competent (to have legal capacity) to enter into contracts. However, some parties may have limited capacity, including:
a married woman, regardless of age if her husband is a minor
They are legally binding and enforceable contracts where all parties are in agreement, and all the standards of contract law have been met.
Valid
This fee covers the cost for the lender to process an application
Application Fee
They have the appearance of validity, but they offer no legal remedies if not fulfilled.
Unenforceable
They arise due to intentions, relationship, or action of the parties involved.
. Implied
For a contract to be enforceable in court it must have:
Bilateral
This is the point in time when the title of the property is transferred from the seller to the buyer
Closing
They allow parties to state the terms of their contract in writing or verbally
Expressed
