Vocabulary O

Question 1

Offer

Answer 1

Basic contract elements that consist of a promise from one party to enter into a binding agreement with another party, subject to specified terms or conditions

Question 2

Open end mortgage

Answer 2

Loan secured by real property in which a lender sets a maximum amount of borrower may borrow, and the borrower may borrow up to the maximum as needed at various times

Question 3

Open listing agreement

Answer 3

Agency agreement between a seller and any number of brokers, wherein the seller promises to compensate the broker if the broker sells the property

Question 4

Option clause

Answer 4

Contract terms that establishes a right to act or refrain from acting on a future date, under specific circumstances

Question 5

Option contract

Answer 5

Agreement when a buyer (or lease) contracts with the seller (or lessor) for the exclusive privilege (but not obligation) for not accepting an offer at a special price for a special period of time

Question 6

Oral contract

Answer 6

Contract arising from spoken promise