Unit 11 Real Estate Contracts

Question 1

Contract Law

Answer 1

A contract is a voluntary agreement or
promise between legally competent
parties

Question 2

A contract must be:

Answer 2

• Voluntary
• An agreement or a promise
• Made by legally competent parties
• Supported by legal consideration
• About a legal act

Question 3

The Statute of Frauds

Answer 3

contract must be in writing in order to be

enforceable in a court of law.

Question 4

express contract

Answer 4

exists when the parties state the terms and show their
intentions in words
An express contract can be either written
or verbal.

Question 5

implied contract

Answer 5

is an agreement of the parties that is demonstrated by their acts of conduct.

Question 6

bilateral contract

Answer 6

both parties agree to do something

Question 7

unilateral contract

Answer 7

s a one-sided agreement

Question 8

execute contract

Answer 8

signing of a contract.

Question 9

executory contract

Answer 9

one that has

elements yet to be performed

Question 10

Elements of a valid contract

Answer 10

Offer made by the offeror and acceptance by the offeree. Consideration- something on value Reality of Consent-free and voluntary LegalPurpose- Legally competent Parties-