Promulgated Contract Forms Flashcards
Elements of a valid and enforceable contract are
-Competent parties
-Offer and acceptance (mutual consent)
-Legal purpose
-In writing (when required by law)
-Consideration
Valid Contract
It meets all of the requirements of the law.
Void Contract
It is an invalid from the beginning and does not affect the parties.
Voidable Contract
cannot be enforced against one or more of the parties. Most contracts entered into with minors are voidable at the option of the minor.
Consideration
is defined as the exchange of promises.
Earnest money is not one of the requirements of a
valid contract.
Texas Real Estate Broker-Lawyer Committee was created to
draft and revise contracts forms capable of standardization for use by real license holders.
TREC Promulgated forms
-One to four Family Contract
-New Home Contract (Inc Cons)
-New Home Contract (Com Cons)
-Unimproved Property Contract
-Residential Condominium Contract
-Farm and Ranch
TREC can
suspend or revoke a license on proof that the license holder drew a deed, note, deed of trust, will, or other written instrument that transferred or affected the title to or an interested in land.
Amendments
-Changes to the closing date
-Changes to he sales price, down payment, and/or amount financed.
-Repairs that the seller agrees to perform.
-Removal or waiver of contingencies.
Assignment
of a contract transfers all of the related to the contract to another party, known as an assignee.
Failure to file suit within the time allowed will result in the part losing his or her rights under the contract is called ______.
doctrine of laches.
Partial performance
One party to a contract may accept the partial performance of the other and terminate the contract.
right of first refusal
in a lease gives the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else.
All offers must be presented, no matter how low or ridiculous. True or False
True
How can an offer be communicated.
-Phone
-Fax
-Email
-Letter
-Hand Deliver
What time frame an offer must be presented to the client.
Presented in a timely manner
The party making the offer is called the __________.
offeror
The party to whom to offer is made is the _________.
offeree
Counteroffer
is when a party changes an offer in some way and communicates the change to the party.
Multiple Offers
if a broker receives more than one offer, all offers must be presented to the seller.
When does the offer become a contract?
An offer becomes a binding contract when all parties sign it, and the acceptance is communicated to the offering party.
Communication is also refered to as _________.
notification
