Contract Basics

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Author:
Anonymous
ID:
98403
Filename:
Contract Basics
Updated:
2011-08-25 15:44:44
Tags:
Real Estate Contract Basics
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Description:
Real Estate Contract Basics
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  1. The rejection of an offer that becomes a new offer
    Counteroffer
  2. a persentation or proposal for acceptance to form a ontract
    offer
  3. Something of value--such as money, a promise, property, or personal services
    Consideration
  4. An offer by one of the parties to carry out his or her part of the contract
    Tender
  5. The law that requeires contracts to be in writing
    statute of frauds
  6. The relingquishing or refusal to accept a right
    Waiver
  7. The person transferring a claim, benefit, or right in property to another
    Assignor
  8. A court action brought to compel a party to carry out the terms of a contract
    Specific performance
  9. A contract in which obligation to perform exists on one or both sides
    Executory contract
  10. The canceling of an offer to contract by the person making to original offer
    revocation
  11. Party to whom a lease is assign or transferred
    assignee
  12. Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract
    recission
  13. The party making the offer
    offeror
  14. The substituation by agreement of a new obligation for an existing one
    Novation
  15. Parties declare the terms and put their intention in oral or written words
    Express contract

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