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Law of contracts exam 1 Questions with Solutions
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Law of contracts exam 1
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Law of contracts exam 1offer - answer A proposal by one party to another intended to create a legally binding
agreement. Terms of offer must be clear, definite and certain
acceptance - answer words signifying consent to the terms of an offer (thereby creating
a contract)
void - answera contract that has no legal force or effect because it does not meet the
essential elements of a contract
essential elements of contracts - answerA contract is a set of promises that are made
voluntarily, for a legal act, between legally competent parties for a consideration. To be
legally enforcable it must be in writing.
bundle of rights - answerthe concept of land ownership that includes ownership of all
legal rights to the land- possession, control within the law, enjoyment, exclusion, and
disposition
unilateral contract - answerA contract that results when an offer can only be accepted
by the offeree's performance.
bilateral contract - answerA contract in which each party to the contract promises to
perform some act or duty in exchange for the promise of the other party.
assignments - answerthe transfer in writing of interest in a bond, mortgage, lease, or
other instrument
delegation - answera task or piece of work assigned to someone
legal value - answerLegal proof of authority or business transaction, enforceable rights
or obligations, or the basis for a legal action
counteroffer - answera new offer made in response to an offer received
novation - answerthe replacement of one obligation by another by mutual agreement of
both parties
expressed contract - answerA written or oral agreement in which all terms are explicitly
stated
, implied contract - answeragreement created by actions of the parties involved, but it is
not written or spoken.
statute of frauds - answerA state statute under which certain types of contracts must be
in writing to be enforceable.
four corners rule - answeras derived from the text of the agreement itself, without relying
upon other resources or witnesses.
reasonable man standard - answerthe duty to act with the care, prudence, and good
judgment of a reasonable person
breach/default - answerfailure to perform according to the terms of the agreement
specific performance - answera legal action to complet a party to carry out the terms of
a contract
time is of the essence - answera phrase in a contract that requires the performance of a
certain act within a stated period of time
land description - answerA description or an identification of a specific parcel of land
that may be the subject of a conveyance.
manufactured housing - answerdwellings that are built off-site and trucked to a building
lot where there are installed or assembled
competent party - answera person who has the capacity to be engaged in a legal
contract; being of sound mind and body
minority(minors) - answera person who has not yet reached the age of majority and
therefore does not have legal capacity to transfer title to real property
economic characteristics of real estate - answer- scarcity (land is not limitless)
- improvements (can affect values of neighbors, e.g. new mall, toxic waste dump)
- permanence of investment (longterm & relatively stable)
- area preference (location, location, location)
revocation - answercanceling or annulling licensed privileges or rights
legal entities (corporations, partnerships, limited liability) - answerAn organization such
as a company or trust fund that the law treats as if it were a person, capable of entering
into contracts and of being sued.
oral and written contracts - answercontract verbally spoken or written. both just as
effective but not as valid as a written agreement
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