Larson Unit 5

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Author:
debado
ID:
223171
Filename:
Larson Unit 5
Updated:
2013-06-09 19:37:33
Tags:
Real Estate Contracts
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Description:
Real Estate Contracts
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  1. a legally enforceable agreement to do (or not do) a specific thing.
    contract
  2. an express contract, either parol or written, that binds both parties.
    bilateral
  3. a contract in which a promise is made in exchange for performance
    unilateral
  4. an agreement NOT to perform, such as a non-compete agreement
    forbearance
  5. a binding and enforceable contract that meets all legal requirement
    valid
  6. a meeting of the minds
    mutual agreement
  7. two examples of false representations of material fact that cause damage to an innocent party
    • fraud
    • misrepresentation
  8. money, promises, or anything of value given in exchange for something of value
    consideration
  9. law requiring contracts that transfer any interest in real property to be in writing and signed to be enforceable
    statute of frauds
  10. a contract in which duties to perform have not yet been completed
    executory
  11. a modification of existing contract terms which is required to be written and signed by all parties
    amendment
  12. the transfer of one's contract duties to another while remaining liable for the terms of the contract
    assignment
  13. substituting a new party or a new contract, or both, for an existing contract
    novation
  14. 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)
  15. a lawsuit to force the breaching party to perform by completing the transaction as agreed
    specific performance
  16. the type of title held by a buyer who enters into a contract to purchase real estate
    equitable
  17. 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
  18. 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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