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Flashcards in Contracts Deck (19):
1

For a meeting if the minds to exist:

There must be a written agreement between the offer or and the offeree.

2

When an agent accepts a listing on real property and promises to advertise and promote its sale in exchange for the promos of a commission if the agent succeeds, this is:

A bilateral contract

3

Every real estate sales contract must contain:

An offer and acceptance

4

The amount of earnest money deposited is determined by:

Agreement if the parties.

5

When only one party to the agreement makes a promise this is called a:

Unilateral contract.

6

A counteroffer:

Invalidates the original offer

7

Is a purchaser had signed a contact under duress, it is generally:

Voidable by the buyer

8

A real estate sales contract is not effective unless it is signed by:

Both the buyer and seller

9

A novation is BEST defined as:

The substitution of one party for another in a contact wherein the original contact is extinguished and the undertaking of the new party is a new obligation.

10

The law that bars legal claims after certain periods of time is known as the:

Statute of limitations

11

A contact in which the terms are determined from observing the conduct of the parties is a/an: ____________ contact

Implied

12

A contract in which a promise is exchanged for a promise is:

Bilateral

13

A contract in which both parties have met all obligations is:

Executed

14

A contact that lacks one or more of the essential elements of a contact is:

Void

15

A contact which allows one of the parties to elect to be bound to the contract or escape its consequences is:

Voidable

16

A proposal make by one person to another is called:

An offer

17

The substitution of a new contract for an old contract which discharges all obligations under the old contract is called:

Novation

18

A substitution of a party to a contact which excuses one of the original parties is called:

Assignment

19

A purchase contract provision stating that the buyer shall forfeit the deposit of the buyer fails to complete the purchase is know as:

Liquidation damages