A ____________ is a voluntary agreement between competent parties to perform or refrain from performing some legal act supported by legal consideration.
Listing contract, Buyer agency contract, and sales contract are known as _______.
Agreement of sale
For a real estate contract to be legal and enforceable real estate contracts must:
Written and signed as required by the Statute of Frauds, a lease of 3 years duration or less entered into between a landlord and tenant through an oral contract discussion is considered by law to be a binding contract.
Legality of object, Specific identification of the property, Competent Parties,
Valid and executed
Mutual consent - "offer and acceptance", "meeting of the minds", "mutual agreement"
Consideration - an exchange of something of value between the parties
an express only contract
an objective within the boundaries of the law
Statute of frauds
legality of object
parole evidence rule
real estate agents responsibility to keep their clients interest in real property on file.
police monitoring properties one a month.
that indicates that oral statements cannot be used to change or contradict the term of a clearly written.
probation for a buyer who defaults in a contract.
A contract is ______ meaning legal and enforceable when it contains all the necessary components.
A contract is ______ meaning not legal and unenforceable, when it is missing one or more of the necessary components.
A contract is called _________ when it cannot be carried out according to the law.
A ______ contract means one that is able to be made void.
In an unilateral contract, when a party promises to do something then the other party has to follow through with the action to the promise.
is an agreement between two parties in which both parties make promises to do something and each party can enforce the promises of the other party.
a contract for the purchase of two plats
an agreement between two parties who make promises but only one party has to keep their specific promise.
an agreement for the interest of two properties
is an agreement in which the terms and conditions are clearly stated in words
is an agreement that is carried out through the actions of a party
is one in which all the parties have fulfilled their promises, also refers to the signing of a contract
cancel the contract
is when a party defaults
is one in which the parties have entered into the contract and are in the process of fulfilling the contract but have not yet completed all the terms and conditions.
is when the parties have not yet signed and agreed to the contract
"time is of the essence"
without the inclusion of a specific time limit, the courts have indicated that a contract needs to be fulfilled within a reasonable period of time.
the time period between the interest in real property and the actually agreement of sale, where the buyer has that time limit to back out of the contract.
The contract term assign means to transfer one's interest over to another party, prior to settlement turn the buying rights over to another party. It allows those lenders to sell the mortgage obtained to a purchaser in the secondary mortgage market.
A novation is a new contract that is used to extinguish and simultaneously replace one or more persons or conditions in an old contract.
The _______ of a contract means the breaking of one or more of the terms of the contract by a party and consequently represents failure to perform.
Also called breach of contract
If the seller defaults on an agreement of sale, the purchaser has the following choices:
Get the property for FREE! ^.^
File suit for "time is of the essence"
File a suit for specific performance
File a suit for compensatory damages
Unilaterally cancel the agreement
If purchaser defaults on an agreement of sale, the seller has the following choices:
file a lawsuit for the purchase price and transfer of the deed
suit for compensatory damages
rescind the contract
accept the earnest money deposit as liquidated damages
suit for "time is of the essence"
In, Pennsylvania the __________ on contracts is fours years from the time of the breach of the contract.
statute of frauds
statute of limitations
A______ is a condition in a contract on which the successful performance of the contract by the parties is dependent.
statue of frauds
A ________ provision allows a buyer to legally get out of a binding sale if a mortgage cannot be obtained for the buyer.
fee simple contingency
by agreeing in writing to terminate the contract is by
breaching the contract
settling it in court
asking your mom
that your in a talent show
the contract parties have fulfilled the terms and conditions of the contract and the contract is completed and ended.
the contract parties have fulfilled the terms and conditions of the contract but the contract is still active.
that you went to try-outs for the talent show
Confession of judgement
It represents a written and voluntary agreement by a debtor to allow the attorney of a creditor to seek a court order for the recovery of a specific amount of money.
When a party confesses that they breached the contract.
When your pressured by the court and you admit that you wore pull-up diapers until you were the age of ten.
when you confess that your actually an adult to the judge and the jury of KND.
Who is the fourth grade president?
Muppy the ONE and only jenkins