Chapter 11: Real Estate Contracts. Key Terms Part 1 Flashcards Preview

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Flashcards in Chapter 11: Real Estate Contracts. Key Terms Part 1 Deck (16)
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1
Q
Assignment
A
Transfer of interest in a contract to a third party.
2
Q
Bilateral contract
A
A contract with a promise by each party.
3
Q
Breach of contract
A
A violation of the agreements set forth by a contract.
4
Q
Competent parties
A
Those legally qualified to enter into contracts.
5
Q
Consideration
A
Something of value given an exchange.
6
Q
Contingency
A
A certain happening on which a contract depends.
7
Q
Contract
A
An agreement between two parties to perform some legal act(s).
8
Q
Counteroffer
A
An offer return to buyer with changes by seller.
9
Q
Earnest money
A
A buyers deposit with a purchase contract.
10
Q
Equitable title
A
The Interest acquired by buyer with land contract
11
Q
Escape clause
A
Protection for seller when a buyer has another house to sell
12
Q
Executed contract
A
A contract that has been fulfilled.
13
Q
Executory contract
A
A contract that has not yet been performed. The transfer of title has not yet been completed. When the title transfers the contract is considered executed.
14
Q
Express contract
A
A contract set down in so many words.
15
Q
Implied contract
A
A contract not put into words but shown by actions. I.e. filling up your gas tank implies that you are going to pay for the gas.
16
Q
Land contract
A
The agreement under which buyer pays in installments and waits for the deed upon completion of payments.

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