N3 Contracts

Question 1

A legally enforceable agreement to do or not do certain things.

Answer 1

Contract

Question 2

The law the requires certain contracts be in writing to be enforceable.

Answer 2

Statute of Frauds

Question 3

To enter into contract with legal capacity one must be deemed ______.

Answer 3

Competent

Question 4

Offer

Answer 4

An ____ is an invitation to enter into a contract.

Question 5

What Are the SIX ESSENTIAL Elements of a Contract?

1. ____________________
2. ____________________
3. ____________________
4. ____________________
5. ____________________
6. ____________________

Answer 5

1. Consideration
2. Offer & Acceptance (Meeting of the Minds)
3. Property Description
4. Lawful Subject Matter
5. In Writing
6. Competant Parties

REMEBER “COP LIC”

Question 6

What is COP LIC?

Answer 6

1. Consideration
2. Offer and Acceptance ( Meeting of the Minds)
3. Property Description
4. Lawful Purpose
5. In Writing
6. Competent Parties

These are the “6 ESSENTIAL Elements of a Contract”.

Question 7

In an expressed contract __________.

Answer 7

All terms are specified.

Question 8

Implied Contract

Answer 8

is specified by a party’s actions.

Question 9

A contract in which all terms are yet to be performed said to be an _______.

Answer 9

Executory Contract

Question 10

Executed Contracts

Answer 10

_____ have has been fully performed.

Question 11

A contract in which each party makes a promise.

Answer 11

Bilateral Contract

Question 12

Unilateral Contract is where

Answer 12

one party makes a promise. “i.e. Reward for return of something.”.

Question 13

A contract giving exclusive rights to buy or lease a property within a specific time for a specific price and terms in known as an _______.

Answer 13

Option

Question 14

A contract requiring one person to give another the initial opportunity to buy or lease a property is:

Answer 14

Right of First Refusal

Question 15

A contract that contains all 6 essential elements is said to be a _______.

Answer 15

Valid Contract

Question 16

Void Contract

Answer 16

has no force or effect on any party

Question 17

A contract that can be overturned by one or both parties is a ______.

Answer 17

Voidable Contract

Question 18

A contract that is worded so loosely or vaguely that it is unenforceable.

Answer 18

Illusory Contract

Question 19

Open Listing

Answer 19

A listing in which the broker will be paid only if she finds a buyer.

Question 20

An exclusive listing in which the seller reserves the right to find a buyer and not pay the broker:

Answer 20

Exclusive Agency Listing

Question 21

A listing in which the seller pays the broker even if the seller finds a buyer.

Answer 21

Exclusive Right to Sell Listing

Question 22

Open listing

Answer 22

The broker only gets paid if he or she finds the ready, willing, and able buyer.

Question 23

Net Listing

Answer 23

A listing in which the broker keeps a portion of the sales price above an amount agreed to by the seller.

Question 24

A listing in which the broker also has the right to buy the property.

Answer 24

Option Listing

Question 25

An employment contract in which the buyer hires the broker.

Answer 25

Buyer Broker Agreement

Question 26

This law limits monopolies and prohibits price fixing.

Answer 26

Sherman Anti-trust Act

Question 27

Someone who has reached the age of majority

Answer 27

Adult