Chapter 4 Flashcards
(26 cards)
An order of a court which requires a party to perform a specific act, usually what is stated in a contract, is
known as what?
Specific Performance
Essential elements of a valid contract?
- Competent parties (18 years of age, be able to understand what they are signing, etc.)
- Mutual agreement
- Consideration - the exchange, differentiates a contract from a gift.
- Lawful objective (‘unclean hands’)
- In writing - If a contract exists for more than a year, the contract must be in writing.
A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid is
known as what?
Graduated Lease
An arrangement in which the lessee (tenant) in a lease assigned the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, of subtenant is known as what?
Sublease
A legal therm used to disclaim some implied warranties for an item being sold is know as?
“As-Is”
A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership
is known as what
Gross Lease
This means “let the buyer beware”
Caveat Emptor
A remedy whereby a court orders a change in a written document to reflect what it ought to have said in the
first place is known as what?
Reformation
Which of the following is a tenant NOT entitled to in a typical lease agreement?
Yearly upgrades to interior finishes
How old must a tenant be in order to enter into a lease agreement with a landlord?
18 Years Old
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
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for
any reason is known as what…?
Attorney Review Clause
Anything given to induce another to enter into a contract such as money or personal services is known as
what…?
Consideration
A ground lease is also known as what?
Land Lease
A lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for
rent is known as what…?
Land Lease
The portion of a home’s purchase price that is paid in cash and is not part of the mortgage loan is known
as what…?
Down Payment
A down payment made by a purchaser of real estate as evidence of good faith is known as what…?
Earnest Money Deposit
A standard set of business laws that regulate financial contracts is known as what…?
Uniform Commercial Code
A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and
the terms are stated is known as what…?
Express Contract
Who typically prepares the contract in the sale of a home…?
Seller’s Attorney
An illegal means of eviction in New York State?
Self-Help Eviction
Use provisions are typically found in what type of leases
Commercial leases
To have no force or effect is known as what.
Void
A person to whim property is rented under a lease is known as the?
Lessee
