module 6 part 1 Flashcards
Statue of frauds
requires all contracts involving RE to be in writing
Vendors and purchasers act
certain info must be includes in every AOP&S
The seller has __ days in which to remove any objection made to the title
30 days
Parol evidence rule
oral evidence is inadmissible in court
Privity of contract
only parties to a contract can enforce it or be bound by it
Brokerage is only the __ to a contract
witness
Capacity of parities
Parties entering a contract must be legally competent
legally competent
of sound mind and of legal age of majrotity
consideration
each party must receive something of value
Lawful object
the contract must be lawful
Genuine intention
both parties must consent to the terms of the contract
Non est factum
if a person is illiterate or cannot understand it the contract is not binding
signing under seal
cannot change ur mind
the consideration must be
valuable
lawful
present or future
Common mistake
both parties know the intention of the other but are mistaken about a fact
Misrepresentation
false statement of fact made by one party to the other
latent defect
Defect that is not easily observable
Failure to disclose
a latent defect invalidates a contrat
Void
contract never came into existence
voidable
contract was originally valid but capable of being rejected
Fundamental breach
goes to the root of the contract
minor/compensable breach
breach does not go to root of the contract, can give the right of the impacted party to sue
Rescission
cancellation of a contract
Damages
Financial compensation arising from a breach
