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