Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Chapter 2-5 > Chapter 4: The Basics of Contracts > Flashcards

Chapter 4: The Basics of Contracts Flashcards

1
Q

Abrogation

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

assignee

A

Party to whom a lease is assigned or transferred.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

assignor

A

The person transferring a claim, benefit, or right in property to another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

consideration

A

Something of value—such as money, a promise, property, or personal

services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

forbearance

A

To forgive a debt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

novation

A

Replacing the old agreement with a new one. (or party)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

offer

A

A presentation or proposal for acceptance to form a contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

offeror

A

The party making an offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

rescission

A

Legal action taken to repeal a contract either by mutual consent of the
parties or by one party when the other party has breached a contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

revocation

A

The canceling of an offer to contract by the person making the original

offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

specific performance

A

A court action brought to compel a party to carry out the terms of a

contract. (BROKERS DO NOT SUE FOR SPECIFIC PERFORMANCE, YOU DONT GET MONEY for damages, THIS IS AN ACTUAL PERFORMANCE)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

statue of frauds

A

The law that requires contracts to be in writing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

statue of limitations

A

You only have a certain amount of time to claim damages after contract is breached

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

tender

A

An offer by one of the parties to carry out his or her part of the contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

waiver

A

The relinquishment or refusal to accept a right.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Express contract or?

A

Implied contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Bilateral contract or?

A

Unilateral contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Executory contract or?

A

Executed contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Express contract

A

Declare terms and put intentions into words or verbally (ex: lease or rental agreement)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Implied contract

A

Agreement is shown by act rather than words (ex: you made an agreement when u went to the restaurant that you will pay money in exchange for food

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Bilateral Contract

A

Promise tor perform an act in exchange for another persons promise to perform (buyer/seller of a house, RE transaction)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Unilateral Contract

A

One party performs an act without the expectation of performance from the other party (radio station giving away money to 100th caller)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Executory Contract

A

A contract in which obligation to perform exists on one or both sides.

24
Q

Fraud

A

Deceive in order to get someone to part w something of value (bait & switch)

25
Q

Duress/menace

A

Use of force or violence. Duress puts the knife to the throat, menace cuts the throat lol

26
Q

Undue influence

A

unfair?

27
Q

Innocent misrepresentation

A

can still have a rovked contract

28
Q

Valid Contract Checklist

A

​Mutual consent/lawful object/consideration/capable parties

29
Q

Voidable contract

A

Valid on its face but can be rejected by either of the parties

30
Q

unenforceable contract

A

valid, but for some reason cant be proved by either or one of the parties (oral long term lease)

31
Q

Void contract

A

no contract at all or has no legal effect

32
Q

Ways to discharge a contract

A

Full performance, release by one/all parties, Assignment, Novation, Breach of Contract, Lawsuit for special performance

33
Q

Assignment

A

Transfers all interest in the contract from assignor (principal) to assignee

34
Q

Novation

A

Substitution, when existing contract or legal obligation is replaced w a new one

35
Q

Types of breach of contracts

A 
Unilateral recission (one party didnt perform)
Lawsuit for damages (liquidated or compensatory)* compensatory is determined by court*
36
Q

Punitive damages

A

Used for punishing, it is for emotional damages, excessive, by court

37
Q

Exemplary Damages

A

Physical damages, used for restoring things back to the way they were before the contract breach, by court

38
Q

Recession and Restitution

A

Rescind back and restore to before the contract

39
Q

Breach

A

Failure to perform on part or all of the terms and conditions of a contract

40
Q

Prima Facie

A

Primary Evidence

41
Q

Verbal contract is also called a what??

A

A parol contract

42
Q

Whats the max lease on agriculture prop? What about non agriculture prop?

A

Agriculture prop - 51 Years

City and non agriculture prop - 99 Years

43
Q

Executory contract is:

A

A contract where something remains to be done by one or both parties

44
Q

An option is a contact to..

A

Offer to sell

45
Q

Open listing, mortgage, and escrow instructions are all

A

Contracts.

46
Q

if a contract has a handwritten section and a typed section, which one takes precedence?

A

The handwrittin portion is first and then the typed

47
Q

Non Illusory intrustrument is a

A

definitive instrument wihch becomes a binding contract when executed

48
Q

Offer, option, and rejection are all terms regarding

A

Contracts

49
Q

Void contract is

A

Not enforceable by law

50
Q

Voidable contract

A

you buy a house thinking its red, but then you see the house and its blue. maybe u think the blue is okay so you continue with the purchase. (you still have the option to continue or not) (any threat is voidable)

51
Q

In what document is a safety clause found?

A

Listing

52
Q

The two types of listings are?

A

Open (multiple brokers, whoever brings the buyer gets paid) and exclusive (you only work w one broker)

53
Q

What are the two types of exclusive listings

A 
exclusive agency (if the seller sells it themselves you get no commission) 
exclusive right to sell (doesnt matter who sells it you get paid no matter what)
54
Q

lis pendens

A

lawsuit pending

55
Q

advance fee

A

Real Estate Chapter 2-5 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions