Contracts

Question 0

Voidable

Answer 0

Contract was valid but conditions exist that have changed

Question 1

Void

Answer 1

Contract was never properly formed

Question 2

Estoppel

Answer 2

Legal doctrine that stops or prevents a person from canceling a contract

Question 3

Duress

Answer 3

Contract defense where one is coerced into entering into a contract by threatening behavior

Question 4

Unilateral Contract

Answer 4

1 person promises to perform

Question 5

Bilateral

Answer 5

Both parties make promises of performance

Question 6

Notation

Answer 6

Where contracting parties agree to substitute one agreement for another

Question 7

Power of attorney

Answer 7

Written document in which one person appoints another to act on their behalf

Question 8

Acceleration Clause

Answer 8

entire loan balance is due on demand

Question 9

Assignment Clause

Answer 9

Transfer of contractual rights from one person to another

Question 10

Contingency

Answer 10

Several provisions that must be met during the contract before the contract can close

Question 11

Actual Notice

Answer 11

Means that an individual received info or documents

Question 12

Constructive Notice

Answer 12

Your responsible for examining public records

Question 13

Inquiry Notice

Answer 13

When factors exist that would make a person inquire further

Question 14

Option Contracts must contain

Answer 14

Offer
Acceptance
Consideration
Defenses
Specified price
Expiration date
Description of property

Question 15

Unilateral contract

Answer 15

Single party promises until second party decides to accept