assignment - correct answer The transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another
... [Show More] person is an:
liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defaults. - correct answer When the buyer is in default and the seller keeps the earnest money, the contract MOST likely provided for:
executory. The phase from offer to a closed and executed/closed contract is called the executory period. Voidable contracts are binding on one party and not the other. An unenforceable contract is also void due to lack of an essential element. - correct answer A contract that has NOT yet been fully performed is
Full consent - correct answer A contract entered into without duress, menace, misrepresentation, or fraud means that it meets the legal requirement of
without any changes to the offer. - correct answer To create an executory contract, the offeree must accept the offer
let the buyer beware - correct answer Caveat emptor means
voidable. Duress, fraud, misrepresentation, and minors always make contracts voidable. A promise exchanged for performance is a unilateral contract. - correct answer A real estate contract with a minor is:
breached - correct answer When a party is in default in a contract due to missing a payment deadline, the contract is considered
bilateral - correct answer A contract between two or more parties, each making a promise to perform certain acts, is called
voidable - correct answer A contract between two parties that legally binds one party to perform but allows the other party to disaffirm it is
seller only - correct answer An option to purchase binds which of these parties?
-Buyer
-seller
-neither
-both
A)
earnest money must be given from the buyer to the seller as consideration for selling. - correct answer In order for contracts transferring real property to be valid, they must include all of these EXCEPT
A)
earnest money must be given from the buyer to the seller as consideration for selling.
B)
the objective of the offer/contract must have legal purpose with the ability to transfer title.
C)
all parties must meet the legal definition of competency.
D)
the parties must come to a mutual agreement as to all terms and conditions.
A) void - correct answer A contract that has no legal force or effect is
A)
void.
B)
unenforceable.
C)
voidable. [Show Less]