Chapter 4 Flashcards
Caveat (გაფრთხილება)
A latin term that means “let him beware”.Caveat usually interpreted as a sort of warning or cautionary expression.
Caveat Emptor (მყიდველი)
Let the buyer beware.The buyer must examine the goods or property and buy at the buyer’s own risk.
Consideration
Anything given to include another to enter into a contract such as money or personal services.
Contingency (გაუთვალისწინებელი)
A provision in a contract that requires the occurrence ( შემთხვევა) of a specific event before the contract can be completed.
Earnest money deposit
Down payment made by a purchaser of real estate as evidence of good faith.
Implied contract
A legal substitute for a contract. An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken. This is a contract assumed to have been drawn.
Executory contract
A contract which has not yet been fully performed( fully executed)
Forbearance (შემწყნარებლობა)
A special agreement between the lender and the borrower to delay a foreclosure
Liquidated damages
A provision ( უზრუნველყოფა) in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach (დარღვევა) of contract.
Novation
Act of either:
1. Replacing an obligation to perform with a new obligation, or
2.Adding an obligation to perform, or
3. Replacing a party to an agreement with a new party.
Power of Attorney ( მინდობილობა)
A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument.
Reformation
A remedy whereby a court orders a change in a written document to reflect what is ought to have said in the first place
Rescission (შეწყვეტა)
The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement due to courts not recognizing the contract as legally binding. In many cases, rescission may be an option if there is a material error in the contract, among other reasons.
Statute of Frauds
State law which provides that certain contracts must be in writing in order to be enforceable at law
Statute of limitations ( ხსნდაზმულობის ვადა)
A statute barring ( აკრძალვა) all right of action after a certain period of time from the time when a cause of action first arises
Attorney review clause
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason
1.The method or manner by which a right or contract is transferred from one person to another is known as what…?
Assignment
3.The interest or estate which a lessee of real estate has therein by virtue ( ვიღაცის წყალობით) of the lessee’s lease is known as what…?
Leasehold Estate
A clause in a lease that outlines the terms for renewing or extending an original lease agreement is known as what…?
Option to Renew
A legal proceeding by a lessor landlord to recover possession of real property is known as what…?
Eviction
Also known as a tenancy from year to year, month to month, or week to week, this is an estate that exists for some period of time determined by the term of the payment of rent…?
Periodic Lease
- An arrangement in which the lessee (tenant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant is known as what…?
Sublease
- A latin term that means “let him beware” is also known as what…?
Caveat (გაფრთხილება) [kavia]
- A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract is known as what…?
Liquidated Damages
