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Flashcards in N3 Contracts Deck (27)
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1

A legally enforceable agreement to do or not do certain things.

Contract

2

The law the requires certain contracts be in writing to be enforceable.

Statute of Frauds

3

To enter into contract with legal capacity one must be deemed ______.

Competent

4

Offer

An ____ is an invitation to enter into a contract.

5

What Are the SIX ESSENTIAL Elements of a Contract?
1. ____________________
2. ____________________
3. ____________________
4. ____________________
5. ____________________
6. ____________________

1. Consideration
2. Offer & Acceptance (Meeting of the Minds)
3. Property Description
4. Lawful Subject Matter
5. In Writing
6.Competant Parties

REMEBER "COP LIC"

6

What is COP LIC?

1. Consideration
2. Offer and Acceptance ( Meeting of the Minds)
3. Property Description
4. Lawful Purpose
5. In Writing
6. Competent Parties

These are the "6 ESSENTIAL Elements of a Contract".

7

In an expressed contract __________.

All terms are specified.

8

Implied Contract

is specified by a party's actions.

9

A contract in which all terms are yet to be performed said to be an _______.

Executory Contract

10

Executed Contracts

_____ have has been fully performed.

11

A contract in which each party makes a promise.

Bilateral Contract

12

Unilateral Contract is where

one party makes a promise. "i.e. Reward for return of something.".

13

A contract giving exclusive rights to buy or lease a property within a specific time for a specific price and terms in known as an _______.

Option

14

A contract requiring one person to give another the initial opportunity to buy or lease a property is:

Right of First Refusal

15

A contract that contains all 6 essential elements is said to be a _______.

Valid Contract

16

Void Contract

has no force or effect on any party

17

A contract that can be overturned by one or both parties is a ______.

Voidable Contract

18

A contract that is worded so loosely or vaguely that it is unenforceable.

Illusory Contract

19

Open Listing

A listing in which the broker will be paid only if she finds a buyer.

20

An exclusive listing in which the seller reserves the right to find a buyer and not pay the broker:

Exclusive Agency Listing

21

A listing in which the seller pays the broker even if the seller finds a buyer.

Exclusive Right to Sell Listing

22

Open listing

The broker only gets paid if he or she finds the ready, willing, and able buyer.

23

Net Listing

A listing in which the broker keeps a portion of the sales price above an amount agreed to by the seller.

24

A listing in which the broker also has the right to buy the property.

Option Listing

25

An employment contract in which the buyer hires the broker.

Buyer Broker Agreement

26

This law limits monopolies and prohibits price fixing.

Sherman Anti-trust Act

27

Someone who has reached the age of majority

Adult