Flashcards in Unit 4 - Contracts: the Basics Deck (26)
The rejection of an original offer that becomes a new offer.
A presentation or proposal for acceptance to form a contract.
Something of value -- such as money, a promise, property, or personal services.
An offer by one of the parties to carry out his or her part of the contract.
Statute of Frauds
The law that requires contracts to be in writing.
The relinquishment or refusal to accept a right.
The person transferring a claim, benefit, or right in property to another.
A court action brought to compel a party to carry out the terms of a contract.
A contract in which obligation to perform exists on one or both sides.
The canceling of an offer to contract by the person making the original offer.
Party to whom a lease is assigned or transferred.
Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract.
The party making an offer.
The substitution by agreement of a new obligation for an existing one.
Parties declare the terms and put their intentions in oral or written words.
A written contract takes precedence over oral agreements. This principle is expressed by the
Parol evidence rule
The substitution of an obligation or contract with a new one is called...
A _______ contract is an agreement in which each person promises to perform an act in exchange for another person's promise to perform.
Duress is unlawful and makes the contract void/voidable.
According to the ________ __ _________, sufficient writing is required for an enforceable real estate contract.
Statute of Frauds
The following items are essential for a valid contract:
2. mutual consent
3. lawful object
According to the Statute of Frauds, the employment agreement must be in ___________ to be enforceable.
Tender of Performance:
Is an offer by one of the parties to carry out his or her part of the contract.
Forgiving a debt or obligation, or giving up an interest or a right.
Contracts are discharged by performance, release, assignment, novation, and ________