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2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT$14.82
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2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT
2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT2023/2024 Promulgated Contract Forms Champions school of real estate Exam VERIFIED 100% CORRECT
1. A "Meeting of the Minds"
2. A contract in which only one party is obligated to perform
3. Something given in exchange for a promise
4. An agreement between a buyer and seller giving the buyer the right to purchase a
property at a preset price for a given period of time
5. A contract that cannot be enforced due to some flaw or other issue in the contract
Valid Contract
is one that meets all of the requirements by law
"COLIC"
Void Contract
is invalid from the beginning and does not affect the parties
Voidable Contract
is one that cannot be enforced against one or more of the parties.
- Minors - all contracts are voidable by the minor
, Unenforceable Contract
is one that cannot be enforced due to some flaw in the contract, passage of time, or
other contractual issues.
What makes a contract valid and enforceable?
"COLIC"
Competent parties
Offer and acceptance
Legal purpose
In writing
Consideration
Competent Parties
Cannot be with a minor -voidable at the option of the minor
Mental Capacity - void or voidable
Under the Influence - void
Mutual Consent
meeting of the minds - contract must reflect the intent and wishes of the buyer and
seller
- if this doesn't happen then the contract is void.
Ex. Seller attempting to fraudulently
Legal Purpose
just can't be used for an illegal purpose or it is void
Consideration
something in exchange for a promise
Executory Contracts
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