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):
1

Assignment

Transfer of interest in a contract to a third party.

2

Bilateral contract

A contract with a promise by each party.

3

Breach of contract

A violation of the agreements set forth by a contract.

4

Competent parties

Those legally qualified to enter into contracts.

5

Consideration

Something of value given an exchange.

6

Contingency

A certain happening on which a contract depends.

7

Contract

An agreement between two parties to perform some legal act(s).

8

Counteroffer

An offer return to buyer with changes by seller.

9

Earnest money

A buyers deposit with a purchase contract.

10

Equitable title

The Interest acquired by buyer with land contract

11

Escape clause

Protection for seller when a buyer has another house to sell

12

Executed contract

A contract that has been fulfilled.

13

Executory contract

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

Express contract

A contract set down in so many words.

15

Implied contract

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

Land contract

The agreement under which buyer pays in installments and waits for the deed upon completion of payments.