Contract Law Flashcards
(14 cards)
Upon closing, the ______
Is fully performed and is no longer an agreement.
Sales Contract
_____ is when someone in a contract or negotiation is put in strain or forced into do something
Duress
_____ is two parties enter an agreement with set terms and both parties agree.
Bilateral
_____ is one party making an offer that could become a contract. There are no expectations until they perform.
Unilateral
What are the essential elements of a contract?
Consideration, Offer & Acceptance
____ Contracts have the essential elements and the terms that can be met or can be moved forward in a legal fashion that can be fully executed.
Enforceable
When all the essentials of a contract are in place in accordance with NV law, it is considered
Valid
In contracts _____ is the next step after an offer.
Acceptance
A contract of sale is created by full acceptance of an _____.
Offer
A ____ is a condition that must be met before the contract is enforceable.
Contingency
One of the contract provisions tends to be legal description. Legal descriptions must ____ the property.
Legally describe
Per contract law, if a seller defaults the buyer can sue for ____.
Damages
Upon closing, the ____ is fully performed and no longer an agreement.
Sales contract
A contract of sale is created by full acceptance of an _____
Offer
