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Chapter 4 National Real Estate Exam Prep (Champions School Of Real Estate) Questions And Answers With Verified Solutions 100% Correct!!!$16.99
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Chapter 4 National Real Estate Exam
Prep (Champions School Of Real Estate)
Questions And Answers With Verified
Solutions 100% Correct!!!
Express contract - ANSWER✔✔ Contract that is written or stated
Implied contract - ANSWER✔✔ Contract by actions or evidence
Unilateral Contract - ANSWER✔✔ binds only one party. Example an option
Option contract - ANSWER✔✔ The right to purchase property within a definite
time at a specified price
Bilateral contract - ANSWER✔✔ Exchange of promises, binds both parties.
Required elements of a contract - ANSWER✔✔ 1. Competent parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
Executed (Fully executed) - ANSWER✔✔ When all the terms and conditions of
the contract have been met and carried out.
Executory - ANSWER✔✔ A contract that is signed, but not yet carried out
, Void or Invalid Contract - ANSWER✔✔ No contract at all, not enforceable by law
Voidable Contract - ANSWER✔✔ An agreement that may be terminated by one of
the parties
Unenforceable Contract - ANSWER✔✔ A valid contract rendered unenforceable
by some statute or law.
Mutual rescession - ANSWER✔✔ When parties agree to cancellation, the contract
is terminated.
Default - ANSWER✔✔ Is non-performance of a duty under a contract
Liquid damages - ANSWER✔✔ Money damages set out in the contract
Punitive damages - ANSWER✔✔ punish the defaulting parties
Compensatory damages - ANSWER✔✔ Set to cover the actual injury or economic
loss
Statue of Frauds - ANSWER✔✔ All contracts that relate to the transfer of any
interest in real estate must be in writing to be enforceable. Verbal agreement is
voluntary but not enforced by courts.
Time is of the essence - ANSWER✔✔ A clause in a contract that allows each
party to hold the other to strict performance on the date specified
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