Chapter 7 Part 3

A violation of the terms or conditions of a contract without a legal excuse is referred to as a...?

Breach of contract

An agreement to do or not to do a certain thing is known as a...?

Contract

The intentional and successful employment of any cunning, deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury, is known as...?

Fraud

Anything given or promised by a party to induce another to enter into a contract is known as...?

Consideration

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

Implied contract

A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding is known as...?

Injunction

A sum agreed upon by the parties to be full damages if a certain event occurs is known as...?

Liquidated damages

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, it is referred to as a/an...?

Unilateral contract

A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time is referred to as...?

Time is of the essence

A contract which has no force or effect is considered...?

Void

All lease contracts must be in writing...?

(False)

All real estate sales contracts must be in writing...?

(True)

A contract in which each party promises to do something is known as a/an...?

Bilateral contract

Which of the following is an example of an essential element of a valid contract...?

Consideration,Mutual consent,Capacity to contract

A response to an offer to enter into a contract, changing some of the terms of the original offer, is referred to as a/an...?

Counter offer

The ability to sue for the enforcement of the contract is referred to as...?

Enforceability

The substitution or exchange or a new obligation or contract for an old one by the mutual agreement of the parties is known as...?

Novation

An action to compel performance of an agreement is known as...?

Specific performance

That which is capable of being adjudged void, but is not void unless action is taken to make it so, is referred to as...?

Voidable

Contract contingencies create a voidable contract...?

(True)

Money is commonly used as consideration in a real estate transaction...?

(True)

A contract in which both parties have completely performed their contractual obligations is known as a/an...?

Executed contract

A contract in which one or both parties have not yet completed performance of their obligations is known as a/an...?

Executory contract

A contract that has been put into words, either spoken or written, is referred to as a/an...?

Express contract

Which of the following is an example of an express contract...?

Listing contract,Purchase contract,Independent contractor agreement

Which of the following is an example of a unilateral contract...?

Open listing

Which of the following is an example of a bilateral contract...?

Purchase contract

A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as...?

Statute of frauds

A contract that complies with all of the essential elements of a contact, and is enforceable and binding on all parties, is known as a/an...?

Valid contract

False statements made negligently or innocently is referred to as...?

Misrepresentation