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Exam II - FINC 371 Questions & Answers 100% Correct!! $12.99   Add to cart

Exam (elaborations)

Exam II - FINC 371 Questions & Answers 100% Correct!!

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  • Course
  • - FINC 371
  • Institution
  • - FINC 371

Necessary Elements of a Contract - ANSWEROffer Acceptance Consideration Parties with Capacity Lawful Purpose Offer - ANSWERStatement that specifies the position of the maker of the offer (called the offeror) Receiving party is called an offeree - Offer becomes a VALID CONTRACT when it is ...

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  • August 5, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • - FINC 371
  • - FINC 371
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Exam II - FINC 371 Questions & Answers 100% Correct!!



Necessary Elements of a Contract - ANSWEROffer

Acceptance

Consideration

Parties with Capacity

Lawful Purpose



Offer - ANSWERStatement that specifies the position of the maker of the offer (called the offeror)



Receiving party is called an offeree - Offer becomes a VALID CONTRACT when it is ACCEPTED by the
party who receives it



Acceptance - ANSWERExpresses satisfaction with an offer, must mirror the precise terms &
conditions stated in the offer



Counteroffer - ANSWERThe original offeror and offeree SWITCH legal positions, and a contract may
result when a counteroffer is accepted



Acceptance of contract indicated by signatures of all parties



Consideration - ANSWERAnything that incurs a legal detriment or the forgoing of a legal benefit



Each party of contract must give up something



i.e. Land for $$$



Capacity of Parties - ANSWERAll parties must have the mental capability to know what the contract
represents and to understand its terms



Categories of people that lack contractual capacity - ANSWERThose declared "Mentally Incompetent"

,Minors (Typically younger than 18 years of age)



Writing Requirement - ANSWERAll contracts involving land or items attached to it must be in writing
before a court will enforce them



Financing Contingency



Title Contingency



Inspection & Repair Contingency



Financing contingency - ANSWERClause in a sales contract that permits the cancellation of the
contract if the buyer cannot successfully obtain financing for the purchase of the property according
to the terms specified in the sales contract



Title contingency - ANSWERClause in a sales contract that cancels the contract if the seller cannot
provide clear title to the buyer



Inspection and repair contingency - ANSWERClause in a real estate contract that permits the buyer to
have a qualified inspector examine the property for any physical defects that the seller may be
obligated to repair



Option-to-Buy Contracts - ANSWERAgreement between a property owner and a potential buyer that
states that the property owner agrees to keep an offer open for acceptance during a stated period of
time



Contract for Deed - ANSWERSeller retains legal title to property until the agreed-on amount is paid



Buyer's Responsibilities (Title Closing) - ANSWERObtaining financing



Examining the title evidence



Having the property surveyed

, Obtaining property insurance



Have property inspected



Seller's Responsibilities (Title Closing) - ANSWERPrepare the required deed



Remove all encumbrances



Prepare papers with respect to the seller's loan



Cooperate with inspectors



Closing Costs - ANSWERReal estate brokerage commission



Attorney or closing agent's fees for preparing the deed or other documents



Documentary stamp taxes, where required



Recording fees for the certificate of satisfaction of the seller's mortgage



Escrow Closing - ANSWERNot Face-to-Face



3rd party, Escrow Agent, acts as an intermediary to facilitate the closing



Real Estate Sales Process - ANSWERListing



Marketing the property and qualifying buyers



Presentation and negotiations



Contracts

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