1-legally competent parties
2-clearly identified property description
3-a meeting of the minds as to the essential terms
4-consideration
5-a legal
... [Show More] purpose - correct answer Describe the five primary elements of every contract
contract - correct answer legally enforceable agreement between competent parties who agree to perform, or refrain from performing, certain acts for consideration
the minor - correct answer A contract with a minor is said to be voidable by ______
limited; voidable - correct answer A person who is actually insane, but has not been declared insane by a court possesses _______ capacity to contract but his contracts are classified as _______
void - correct answer People with no capacity to enter into a contract, such as those who are incompetent or insane, may never be a party to a legally binding contract. The contract is said to be ______.
"meeting of the minds", or mutual agreement - correct answer When an offer has been accepted we say that there has been a(n) ________.
Valuable consideration - correct answer ______ consideration: usually consists of money or property, but may also be an enforceable promise
Good consideration - correct answer ______ consideration: often used for a gift deed and is frequently love and affection
valid contract - correct answer contract that has all of the essential elements plus any additional, special details necessary to the contract
void contract - correct answer contract that has one or more of the five essential elements missing, and this has no legal force or binding effect
voidable contract - correct answer a contract that appears valid on its face, meaning that it appears to have all of the five essential elects, but that is subject to rescission by one of its parties
fraud - correct answer any form of deceit by which one party intentionally attempts to gain unfair advantage over another
misrepresentation - correct answer a false statement of concealment of a material fact
puffing - correct answer a harmless statement of exaggeration that a reasonable person would be expected to recognize
undue influence - correct answer taking advantage of a grieving widow would be considered
_______
duress - correct answer the use of force or threatened force
statute of frauds - correct answer laws made by each state that require certain contracts must be in writing to be enforced
statutes of limitations - correct answer state laws that prescribe time limits on legal actions
True - correct answer Real estate sales contracts survive the death of the parties. T/F?
discharged - correct answer When parties have fully performed their obligations under a contract we say the contract is ______, all conditions have been performed and the contract is terminated.
Full performance - correct answer ______ is the ideal way to discharge a contract
False - correct answer If one party abandons their rights under the contract, the other party may be relieved of responsibility to perform. T/F?
Breach of contract - correct answer occurs when there is a violation of any of the terms or conditions of a contract without legal excuse
specific performance - correct answer money damages AKA _______
rescission - correct answer a legal remedy that terminates the contract and returns the parties to their original positions
Usually from 3-10 days - correct answer How long does the "cooling off period" or rescission period last for?
Express contract - correct answer a contract in which all terms and conditions are mentioned and agreed to in writing, orally, or both
implied contract - correct answer a contract in which certain terms have not been expressly stated, but they can be inferred from the nature of the transaction or the conduct of the parties
unilateral - correct answer A contract is ______ when one party obligated to perform without receiving promise of performance from the other party
a broker performs the requested act - correct answer An open listing contract in which the seller agrees to pay a commission to the first broker who brings a ready, willing, and able buyer. The contract is not really a contract and it is not bilateral until _________
executed - correct answer A contract is ______ when there is nothing left to be done by either party.
executory - correct answer A contract is ______ when one or both parties has not yet performed.
covenant - correct answer a solemn promise intended as binding; an agreement or pledge between two or more parties
condition - correct answer something that is established, or is agreed upon, as a prerequisite to the doing or taking effect of something else [Show Less]