module 6 part 1

Question 1

Statue of frauds

Answer 1

requires all contracts involving RE to be in writing

Question 2

Vendors and purchasers act

Answer 2

certain info must be includes in every AOP&S

Question 3

The seller has __ days in which to remove any objection made to the title

Answer 3

30 days

Question 4

Parol evidence rule

Answer 4

oral evidence is inadmissible in court

Question 5

Privity of contract

Answer 5

only parties to a contract can enforce it or be bound by it

Question 6

Brokerage is only the __ to a contract

Answer 6

witness

Question 7

Capacity of parities

Answer 7

Parties entering a contract must be legally competent

Question 8

legally competent

Answer 8

of sound mind and of legal age of majrotity

Question 9

consideration

Answer 9

each party must receive something of value

Question 10

Lawful object

Answer 10

the contract must be lawful

Question 11

Genuine intention

Answer 11

both parties must consent to the terms of the contract

Question 12

Non est factum

Answer 12

if a person is illiterate or cannot understand it the contract is not binding

Question 13

signing under seal

Answer 13

cannot change ur mind

Question 14

the consideration must be

Answer 14

valuable
lawful
present or future

Question 15

Common mistake

Answer 15

both parties know the intention of the other but are mistaken about a fact

Question 16

Misrepresentation

Answer 16

false statement of fact made by one party to the other

Question 17

latent defect

Answer 17

Defect that is not easily observable

Question 18

Failure to disclose

Answer 18

a latent defect invalidates a contrat

Question 19

Void

Answer 19

contract never came into existence

Question 20

voidable

Answer 20

contract was originally valid but capable of being rejected

Question 21

Fundamental breach

Answer 21

goes to the root of the contract

Question 22

minor/compensable breach

Answer 22

breach does not go to root of the contract, can give the right of the impacted party to sue

Question 23

Rescission

Answer 23

cancellation of a contract

Question 24

Damages

Answer 24

Financial compensation arising from a breach

Question 25

Quantum meruit

Answer 25

Resonable sum for services rendered

Question 26

Specific performance

Answer 26

order of the court directing the party in breach to carry out a specific obligation

Question 27

Injunction

Answer 27

Court order stopping a party from doing something wrongful

Question 28

Performance

Answer 28

A contract is fulfilled

Question 29

Impossiblity of performance

Answer 29

contract cannot be fullfied releasing both parities from obligations

Question 30

Operation of law

Answer 30

death of a party, bankruptcy etc. will cause a contract to be discharged