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Flashcards in chapter 11 Deck (50)
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1

what is valid contract?

a contract must be
1. voluntary
2. an agreement
3. made by legally competent parties
4. supported by legal consideration
5. must be supported by something of value have to do with legal

2

what is express contract?

exists when parties state the terms and show their intentions words.

3

what is implied contract?

agreement of the parties is demonstrated by their acts and conduct

4

what is bilateral for a contract?

contract Bi means two- must have two promises

5

what is unilateral for a contract?

one person- has only one promise

6

what is statue frauds?

certain types of contracts (including those for the sale of real property) must be in writing to be enforceable in a court of law

7

what is bilateral contract?

when both parties promise to do something one promise is given in exchange for another

8

what is unilateral contract?

one party makes a promise to induce a second party to do something

9

what is executed contract?

is which all parties have fulfilled their promises: the contract has been performed

10

what is executory contract?

exists when one or both parries still have an act to perform

11

what are the element of a contract?

1. off and acceptance
2. consideration
3. legally competent parties
4. consent
5. legal purpose

12

what is happens if there is counter offer to the original contract?

A counter is new offer, it void the original offer

13

what is consideration?

is something of legal value offered by one party and accepted by another as an inducement to perform refrain from perming same act.

14

what is reality of consent?

usher the doctrine of reality of consent, a contract must be entered into as the free and voluntary act of each party

15

what is legal purpose?

a contract must be legal purpose

16

what is legally comet ant parties?

all parties to the contract must have legal capacity

17

what is unenforceable contract?

may seem not he surface to be valid; however neither can use each other to force performance.

18

what is performance of a contract?

each party has certain rights and duties to fulfill
many contracts call for specific time by when agree on of act must be completely performed

19

what is time of the essence?

it the means that the contract must be performed within the time limit

20

what is assignment?

is transfer of rights or duties under a contract. rights may be assigned to a third party unless the contract forbids it.

21

what is novation?

substitution of new contract for existing contract. the new agreement may be between same parities or a new party may be substituted for either

22

what is beach of contract?

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

23

what is buyer remedies for breach of contract?

1. suite of specific performance
2. suit of damages
3. rescind contract

24

what is the sellers remedies for breach of contract?

1. suite of specific performance
2. suit of damages
3. declare contract forfeited

25

what are the other reason for termination?

1. substantial performance
2. mutual agreement
3. operation of law
4. rescission

26

what did IL supreme court decide in the case Chicago bar ass vs quinlan and tyson inc.?

the sort ruled that licensee are authorized only to fill in the black on printed form contract agh are customarily used in real estate contracts

27

what is the listing and buyer agreement?

listing and buyer agreement are employment contracts.

28

what is listing agreement?

establishes the right and obligation of the spinor as agent and the seller as principal

29

what is the buyer agency agreement?

establishes the relationship between a buyer as principal and sponsor as agent.

30

why should "offer to purchase" in contract?
What should be used?

a licensee shouldn't use form titled "offer to purchase" of the form is intended to be come a binding real setae contract.
IL law requires that sale contract indicate at the top "real estate sale contract" in bold.