Contracts (Chapter 9) Quiz Question

An interest in real estate such that a court will take notice and protect the owner's rights is known as

Equitable title

A contract by which a buyer and seller agree to the terms of a sale is known as a

Sales contract

Time is of the essence

a condition of contract expressing the essential nature of performance of the contract by a party in a specified period of time.

Listing contract

a contract in which a property owner employs a real estate broker to market the property described in the contract

Bilateral contract

a contract in which each party promises to do something

Consideration

anything given or promised by a party to induce another to enter into a contract, ex: personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other

A transfer of benefits and obligations within a contract to a 3rd party who is not originally apart to the contract is known as an

assignment

One who assigns or transfers property is known as an

assignor

An agreement that has not been put into words, but is implied by actions of the parties is known as a/an

implied contract

Assignor

one who assigns the transfers of property

Unilateral contract

when one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act

Valid Contract

a contract that complies with all of the essential elements of a contract and is enforceable and binding on all parties

Those to whom property or interests therein shall have been transferred are known as

asignees

Novation

the substitution or exchange of a new obligation or contract for on old one by the mutual agreement of the parties

If one of the parties to a contract wants to withdraw withough terminating the contract what can be used

Assignment

Executory contract

a contract in which something remains to be done by one or both of the parties

The unlawful appropriation of another's property or earnest money deposit is known as

conversion

Commingling

to mingle or miz for example, a clients funds in the broker's personal or general account

Real estate agents use which of the following contracts?

Express contracts, listing contracts, buyer representation agreements

Executed contract

a contract that has been fully performed

Ernest Money Deposit

a down payment made by a purchases of real estate as an evidence of good faith

Statute of Limitations

a law establishing the time period within which certain lawsuits may be brought

Counter Offer

a response to an offer to enter into a contract changing some of the terms of the original offer. A counter offer is a rejection of the offer (not a form of acceptance) and does not create a binding contract unless accepted by the original offeror

Assignment

a transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract

Breach of Contract

a violation of the terms or conditions of a contract without a legal excuse

Specific performance

an action to compel performance of an an agreement ex sale of land as an alternative to damages or recession

Equitable title

an interest in real estate such that a court will take notice and protect the owners rights

Liquidated Damages

damages benefiting the non-defaulting party as a result of a default of contracts

A down payment made by a purchaser of real estate as evidence of good faith

earnest money deposit

A contract that has been put into words, either spoken or written is known as an

express contract

When you give your keys to a valet, you assume that the valet will park your car in exchange for a fee. This is because a/an.... contract was created between you and the valet

implied

Damages benefiting the non-defaulting party as a result of a default of a contract are known as

liquidated damages

Voidable

that which is capable of being adjudged void, but is not void unless action is taken to make it so

Conversion

the unlawful appropriation of another's property as in the conversion of trust funds

Assignee

those to whom property or interests therein shall have been transfered

Void

to have no force of effect that which is unforceable