Contracts

Buyer Daphne and seller Kurt signed a sales contract with a definite closing date of May 15. Daphne then learned that she needs to move the closing date to June 15. What document should she use to accomplish this?

Amendment When added, an amendment changes the original terms of the sales contract. This is unlike an addendum, which may be added without changing other terms already agreed to in the sales contract.

Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a commission. What type of agreement do Desmond and the Harpers have?

Bilateral A contract involving an exchange of promises or other consideration between two parties is a bilateral contract.

Drew and Hank were camping at Hank's riverfront cabin. Hank told Drew that he rarely used the cabin and was thinking of selling it. Drew said that he'd buy it from Hank for $80,000, which Hank agreed was a fair price. It's two months later, and Hank is upset that Drew now says he won't buy it. Why isn't this contract enforceable?

Real estate contracts must be in writing.

What happens to an initial offer from the buyer after a seller counters?

It's no longer in play.

The residents of Oahu Avenue are a close-knit bunch. They're all young couples with small children, and they don't want this dynamic to change when two of the couples have to move. Those couples sign an agreement promising not to sell to anyone without kids, or to anyone over the age of 50. The contract can't be enforced because it's missing ______.

Legal purpose

Sylvia, who's 15 years old, and her neighbor Marge, who's 24, agree that Sylvia will babysit Marge's toddler for the summer for $10 an hour. What type of contract is this?

Voidable

Because there were no deadlines specified in the contract, Myron didn't think there was a problem with his waiting to apply for a loan to help purchase the property. He was therefore a little surprised and not very happy when the seller sued him for breach of contract, stating that the delay was impacting the seller's ability to purchase a new home. What did Myron fail to do?

Perform his contractual obligations within a reasonable time.

Kathlene is explaining the termination option to her buyer client. How would she explain that "time is of the essence?"

"This means that all contract deadlines will be strictly enforced. You don't want to miss these deadlines."

Which of these statements about Hawaii purchase contract contingencies is true?

The HAR purchase contract includes provisions that address most contingency issues. Most contingency situations are addressed in the body of the HAR purchase contract. Only HAR members have access to this contract form, so other contract forms may or may not cover the same contingencies.

Why would Hawaii brokers prefer the exclusive right-to-sell agreement?

The broker will receive compensation when the house sells, no matter who finds the buyer.