Chpt. 12 Flashcards

1
Q

A contract in which the parties state their intentions in words

A

Express contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A contract established by the acts and conduct of the parties

A

Implied contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A contract in which both parties promise to perform some act

A

Bilateral contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An agreement having one promise

A

Unilateral contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A contract that has been completely performed

A

Executed contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The status of a real estate sales contract prior to closing

A

Executory contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The person who accepts the offer in a contract

A

Offeree

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Complete agreement about the purpose and terms of a contract

A

Mutual assent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Something of legal value offered by one party and accepted by another as an inducement to act or refrain from acting

A

Consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A contract that is without legal force or effect because it lacks one or more essential elements

A

Void

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The transfer of rights or duties under a contract

A

Assignation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The substitution of a new contract to replace an earlier one

A

Novation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A contract established by the acts and conduct of the parties

A

Counteroffer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A violation of any of the terms or conditions of a contract without legal excuse

A

Breach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A deposit customarily made by a prospective purchaser when making an offer

A

Earnest money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The interest held by a buyer prior to delivery and acceptance of the deed

A

Equitable title

17
Q

An amount of money that the parties agree will be the complete compensation available in the event of a breach

A

Liquidated damages

18
Q

Additional conditions that must be satisfied before a property sales contract is fully enforceable

A

Contingencies

19
Q

Parties must be of legal age and have enough mental capacity to understand the consequences of their actions in the contract

A

Legal capacity

20
Q

A voluntary, legally enforceable promise between legally competent parties to perform ( or refrain from performing) some legal act

A

Contract