Real Estate Laws and Professional Conduct Flashcards
Accord and Satisfaction
When parties voluntarily agree to complete contract, even though all of the terms and conditions aren’t met
Actual Damages
The estimated money equivalent for loss or injury sustained
Assigne
Third party to the contract
Assignor
The original party to the contract
Breach of Contract
Occurs when either party defaults on the contact. Recission, damages, liquidated damages
Damages
The estimated money equivalent for loss or injury sustained
Specific Performance
Contract performance according to the precise terms agreed upon
Discharge of Contract
When the performance of agreed-upon actions has been completed, the contract is discharged
Novation
A formal assumption in which a new borrower is substituted for the original maker of the note
Part Performance
Allows the enforcement of an oral contract covered by the Statute of
Frauds where one party to the oral contract has substantially perfromed
Punitive Damages
To recover amounts over the actual damages suffered as compensation for the breach of the contract
Recission
Legal Remedy of cancelling, terminating, or annulling a contract and restoring the parties to their original positions
Specific Performance
Contract performance according to the precise terms agreed upon
Suit for Specific Performance
Judicial action to force a party to carry out the terms of the contract
“Time is of the Essence” Clause
The parties will perform within the limits specified; any party not doing so is considered in breach of contract
