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Illinois Real Estate > Unit 11 - Real Estate Contracts > Flashcards

Unit 11 - Real Estate Contracts Flashcards

1
Q

Define a Contract

A

A voluntary agreement between legally competent parties supported by legal consideration to perform a legal act

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2
Q

A contract must be what?

A

Voluntary
An Agreement
Supported by legal consideration
Legal

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3
Q

Define an Expressed Contract

A

A contract shows their intentions in words

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4
Q

Define an Implied Contract

A

Demonstrated by acts and conducts

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5
Q

What is the Statues of Frauds for?

A

A statute stating that certain contracts must be in writing to be enforceable by law

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6
Q

Define a Bilateral Contract

A

Must have 2 promises, both parties promise to do something

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7
Q

Define a Unilateral Contract

A

A one sided agreement, has only 1 promise only one party is legally required to act

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8
Q

What are the the elements of a valid contract?

A 
Consideration
Legal Purpose
Offer
Acceptance
Competence
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9
Q

Define Consideration

A

Something of value must be given in exchange for the other parties promise

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10
Q

Define Legal Purpose

A

Contract must not be for illegal purposes

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11
Q

Define Offer

A

Must be an offer by one party and acceptance another

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12
Q

Define Acceptance

A

Agreement to an offer and signing of the contract

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13
Q

Define Competence

A

Must be of age and have enough mental capacity

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14
Q

Define Valid

A

Meets all essential elements

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15
Q

Define Void

A

Has no legal force or effect

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16
Q

Define Voidable

A

May be rescinded

17
Q

Define Enforcable

A

Party can sue to force performance

18
Q

How can a contract be discharged?

A 
Performance
Assignment
Novation
Breach
Statues of Limitations
19
Q

Define Performance

A

Contract must be performed with a time limit

20
Q

Define Assignment

A

Transfer of rights/duties to a different party

21
Q

Define Novation

A

Substitution of contracts

22
Q

Define Breach

A

Violation of any terms/conditions

23
Q

Define Statues of Limitations

A

Limits the time a lawsuit can be done

24
Q

What are the types of contracts used in real estate transactions?

A 
Listing Agreements
Buyer Agency Agreement
Real Estate Contracts
Escrow Agreements
Option Agreements
Leases & Land Contracts
25
Q

Define a Contract of Sale

A

One of the most important document in real estate, it establishes legal rights and obligations

Illinois Real Estate (24 decks)

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