Flashcards in Chapter 11: Real Estate Contracts. Key Terms Part 1 Deck (16):
Transfer of interest in a contract to a third party.
A contract with a promise by each party.
Breach of contract
A violation of the agreements set forth by a contract.
Those legally qualified to enter into contracts.
Something of value given an exchange.
A certain happening on which a contract depends.
An agreement between two parties to perform some legal act(s).
An offer return to buyer with changes by seller.
A buyers deposit with a purchase contract.
The Interest acquired by buyer with land contract
Protection for seller when a buyer has another house to sell
A contract that has been fulfilled.
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.
A contract set down in so many words.
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.