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Real Estate Exam 2.24 > Contracts > Flashcards

Contracts Flashcards

1
Q

when two or more legally competent parties mutually agree, of their own free will

A

Contract

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2
Q

Anything monetary value to educe another into contract

A

Consideration

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3
Q

State law which requires that certain contracts must be written in order to be enforceable in a court of law

A

Statue of Frauds

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4
Q

Contract made orally or in writting

A

Express Contract

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5
Q

a contract that contains all essential elements of a contract also must be in writing.

A

Valid Contract

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6
Q

not a contract and never was

A

Void Contract

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7
Q

______ is one which all essentials of a valid contract are present , however one or two elements may be removed

A

Voidable Contract

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8
Q

____________contracts creates obligations each party must fulfill.

A

Enforceable

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9
Q

_______ was valid when made but cannot be proved or cannot be enforced by either party in a court of law

A

Unenforceable

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10
Q

_______ is not a at all and never was.

A

Void

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11
Q

_________ is a contract which one or both parties have not yet performed (executed)

A

Excutory

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12
Q

both parties make promises and there fore incur obligations.

A

Bilateral Contract

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13
Q

only one party is making a promise and only that party is obligated

A

Unilateral Contract

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14
Q

owner promises one or more brokers a commission

A

Open Listing Contract

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15
Q

oral or written communication to the offer or that offer has been accepted

A

Actual Communication

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16
Q

deliberately misrepresentation of a material made with intent of inducing another party to act

A

Actual Fraud

17
Q

a page added to a form contract for the purpose of including essential terms or to provide supporting documents

A

Addendum

18
Q

licensee signs when joining a broker or brokerage item

A

Affiliation agreement

19
Q

process of settling disputes whereby disagreeing parties submit their difference to a neutral third party

A

Arbitration

20
Q

the person whom right or legal interest is transformed

A

Assignee

21
Q

legal transfer of one’s right and obligations under a contract to a third party

A

Assignment

22
Q

one who transfer a right or legal interest to another

A

Assignor

23
Q

Failure to fulfill an obligation on a contract

A

Breach o contract

24
Q

Mixing funds held in a trust with the broker’s personal or business account

A

Compellingly

25
Q

misrepresentation of material facts,with out intending to deceive or mislead

A

Constructive Fraud

26
Q

Legal entity created under authority of the state

A

Corporation

27
Q

a proposal by an offeror to an offeree or made in response to a counter off

A

Counter offer

28
Q

Loss or injury to a person or property caused by breach of contract

A

Damages

29
Q

the use of force to compel a person to enter into a contract

A

Duress

30
Q

initial commitment of something of value to indicate that he/she wants to buy the p[property

A

Earnest Money

31
Q

contract between parties to a real estate transaction which provide for a deposit of legal documents and money with a neutral third party

A

Escrow Agrrement

32
Q

page added to a form contract for the purpose of including essential terms or to provide supporting documentation

A

Exhibit

33
Q

Malicious or negligent misrepresentation of a material fact with the intent of inducing a party

A

Fraud

34
Q

exaggeration of a property that doesn’t fool anybody

A

Puffing

35
Q

breach of duty resulting fro failure to exercise reasonable care required by the circumstance involved in each individual case

A

Negligence

36
Q

Something without monetary value,love and infection

A

Good Consideration

37
Q

Essential element of contract which requires that all parties enter into a contract under there on free will absent of fraud

A

Genuine Assent

38
Q

_______ contract in which the promises are not expressed but manifested by the conduct of the parties

A

Implied

Real Estate Exam 2.24 (6 decks)

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