Chapter 11 - Real Estate Contracts 12% Flashcards Preview

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Flashcards in Chapter 11 - Real Estate Contracts 12% Deck (14)
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1
Q

What is Offer and Acceptance

A

A valid contract must have an offer and acceptance, agreement, or meeting of the minds. This happens when an offer made by one party is accepted by the other party, and communicated to all parties

2
Q

What requires a contract for the transfer of a right or interest in land to be in writing in order to be enforceable

A

Statue o Fraud - the prevention in fraud in the sell of real property

3
Q

The sale, transfer, or subrogation of rights in a contract is called

A

An Assignment

4
Q

This exists when some or all of the terms and conditions can be assumed by the nature of the agreement of the words and actions of the parties

A

An implied contract

5
Q

The type of contract that is inherently unenforceable

A

Void Contract - it cannot be performed under the law.

6
Q

What are the three remedies for a breach of contract

A
  1. Suit for cancellation (rescission)
  2. Suit for specific performance
  3. Suit for damages
7
Q

The party who is not in default asks the court to require the other party to perform as agreed in the contract.

A

Suit for specific performance - is usually a remedy taken by the buyer

8
Q

What are two types of damages

A

liquidated damages and unliquidated damages

9
Q

These type of damages are specified and agreed upon contract

A

liquidated damages - parties agree to the penalty to be imposed in the event of a breach by either party. This usually involves the seller retaining the deposition in the event of a buyer default. Can also happen in leases.

9
Q

These type of damages are specified and agreed upon contract

A

liquidated damages - parties agree to the penalty to be imposed in the event of a breach by either party. This usually involves the seller retaining the deposition in the event of a buyer default. Can also happen in leases.

10
Q

Does the use of an As-is provision in a contract relieve a seller of the responsibility of disclosing any material defects of a property?

A

No

11
Q

What is an option contract

A

is a right to buy a property during a specified period of time at a specified price. It is not an obligation to buy as in a sales contract.

12
Q

What is a contract for deed also known as

A

an agreement for a deed, land contract, conditional sales contract, or installment sales contract

13
Q

What is a contract for a deed?

A

an agreement between a property owner and potential buyer in which the owner agrees to deliver a deep to the purchase after certain conditions have been met