Flashcards in Chapter 12 - B3 Deck (46):
Creating a contract with our actions and contract. Leases or less than a year cannot be implied
Two sided. Both sides are obligated. Exclusive right to sell. Seller has to pay. Realtor has to sell.
Only one person is obligated. Ex: buyer has an option to buy at a set price. Ex; open listing
A contract where terms and conditions have not been met. Ex: anything in escrow is executory.
Agree to the terms and conditions. Can be verbal or in writing.
Buyer owns equitable title
Both parties fulfill all obligations. Once its executed, the buyer owns legal title
Means legal, binding, enforceable. If someone dies the contract is valid. Its the estate responsibility to fulfill the contract if seller dies. Bad broker sucks, its still a valid contract
When there's something illegal. Which means it never existed.
Is rescindable by one of the parties. Typically not the party in the breach. Its voidable against the incompetent party.
Missing signatures. If seller never signed it, can she sell the property? Yes
Spouse- if one spouse does sign.
Also missing legal description.
Also verbal real estate contracts.
Could seller and buyer have a verbal contract? Yes. It is not void. Not valid. Not Voidable. It is Unenforceable.
Appears to be a contract but not.
Duress, collusion, menace
Seller tells buyer if you dont sign the contract ill break your knee.
Statue of fraud
All real estate contracts must be in writing. This statue cannot be forgery.
Statue of fraud exception - Leases of one year or less can be valid.
Equal dignity rule
The authority given to an agent has to be in writing
Statute of fraud cannot be forgery.
Parol evidence rule
Written proceeds oral. The written agreement over the oral agreement.
Individuals- natural persons who are 18years and over 18years. Under 18 are incompetent.
Legally Married couple or community
Individuals- natural persons who are under 18years.
Any person who is sober while signing contract. Liquor, medication, illicit
Remember this point
The judge can only say if party are incompetent.
You have to be 18 otherwise you are considered infancy
You have to be 18years
Person with the power of authority
False statements. Distortion of fact. A LIE. Lie by omission- in the state of az, if you are silent when asked a question, then your answer is a NO.
Do not represent schools or crimes. Point them to information, dont give your opinion.
Deception for personal gain or to harm another. Steps to fraud is Intent.
Two or more to harm.
Taking a position of power
Ex: if you want to keep the job, i want you to buy my house. Otherwise i will fire you. - this is taking power.
An implied threat.
Ex: if you dont buy my house, you will go missing. It is implied.
You will go missing if you dont buy my house. No longer implied. It is direct physical harm.
What you give in exchange for what you are giving. It must be legal.
Have to be something in return. The problem with this is, its not durable. Illegal service- Love, affection, friendship. You cannot these to anyone. You are doing illegal service, you buy a house
Property with all the goods- personal property real property epersona.
Convey, transfer, sell, give
All these mean the same.
1. Meets and bounds- using landmarks to define the property. Problems- landscape changes, tree dies, rivers move.
3.lots and block. - you go to a county...you see lots rectangular. You to subdivision...you see triangles etc.
Not a contract. Where one party promises to perform
Is the one giving the offer. Not always the buyer or the seller.
Is the one recieving the offer. Not always the buyer or the seller.
Conditional or qualified acceptance. Which is to say ill accept everything except some- like price or escrow date. It terminates offer. Any modification of original offer.
When offeree accepts or agrees without change.
Assigned by court who are incompetent