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a legally enforceable agreement to do (or not do) a specific thing.
contract
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an express contract, either parol or written, that binds both parties.
bilateral
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a contract in which a promise is made in exchange for performance
unilateral
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an agreement NOT to perform, such as a non-compete agreement
forbearance
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a binding and enforceable contract that meets all legal requirement
valid
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a meeting of the minds
mutual agreement
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two examples of false representations of material fact that cause damage to an innocent party
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money, promises, or anything of value given in exchange for something of value
consideration
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law requiring contracts that transfer any interest in real property to be in writing and signed to be enforceable
statute of frauds
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a contract in which duties to perform have not yet been completed
executory
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a modification of existing contract terms which is required to be written and signed by all parties
amendment
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the transfer of one's contract duties to another while remaining liable for the terms of the contract
assignment
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substituting a new party or a new contract, or both, for an existing contract
novation
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the law that sets forth the amount of time the non-breaching party has in which to take legal action against the breaching party
statute of limitations (5 years written, 4 years verbal)
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a lawsuit to force the breaching party to perform by completing the transaction as agreed
specific performance
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the type of title held by a buyer who enters into a contract to purchase real estate
equitable
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a type of transaction in which the owner sells their property to an investor, retains possession under a long-term lease, and uses the sale proceeds to expand the business
sale-leaseback
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a purchase of real property, the consummation of which is preceded by a lease between the buyer and seller
lease-purchase
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