NCh4 Contract Performance Flashcards
The term used when all the terms and conditions of the contract have been met and carried out where it is considered performed or discharged is
Executed
A contract that is signed, but not yet carried out is called an
Executory contract
If a contract meets a requirements of a contract of 1, 2, 3, and 5 it is
Valid
A contract that has NO binding effect on the parties who made it, for example, an agreement with someone who is documented as insane is an
Void or invalid contract
In what type of agreement does one party have the right to withdraw or resend for example, a minor, someone who has signed under duress, or is under the influence of alcohol and or drugs
Voidable
Absence of legal ability, competence, or qualifications can be described as in capacity, and the contract can’t be said to be. . .
Voidable due to incapacity
The type of AGREEMENT that violates the statute of frauds, and will not be ENFORCED by the courts like a verbal real estate agreement is called an
Unenforceable agreement
For the reasons of bankruptcy, foreclosure, new laws, making it illegal, destruction of property, a contract may be. . .
Terminated
What happens if one of the parties to a contract dies?
The contract will be binding on their heirs
If the parties to a contract, agree to cancellation, thus terminate the contract, this is called. . .
Mutual rescission
The non-performance of a duty under contract is called. . .
Default
Damages set out in a contract are called
Liquidated damages
Damages that punish the defaulting party are called
Punitive damages
Damages set to cover the actual injury or economic loss are called. . .
Compensatory damages
All contracts that relate to the transfer of any interest in real estate must be in writing to be. . .
Enforceable
