Flashcards in Contract Law Deck (40)
Define bilateral contract:
Promise for a promise
A unilateral contract is a:
Promise for a performance
4 essential elements of any contract:
1- Mutual Agreement
4- Legal purpose
According to the Statute of Frauds (which has nothing to do with defining fraud), which of the following contracts do NOT have to be in writing to be enforceable:
a. Purchase of a primary residence for $87,000
b. A lease agreement for 2 years
c. Purchase of a used motorcycle for $895
d. An agreement to hire a gardener for six-months
T/F If the agent and the seller know the roof leaks, and the buyer never asks about it, they do not have to reveal that information to the buyer.
In a contract dispute; all parties agree to just leave things as they are.
. In a contract dispute situation, if all parties agree to a "contract to end the contract" (everyone returns to their original position) this is an example of:
Define Specific Performance
In a contract dispute situation, if one party sues asking the court to make the other do as he/she agreed
A money adjustment for actual losses is called _______.
"Subject to" clauses in CONTRACTS are also known as:
“Subject to” clauses in DEEDS are also known as:
The seller changed the date of closing before signing and returning the offer to the agent. This would constitute an acceptance.
To sign a contract is to __________ it. The person who signs is called a(n) ________.
In an executed contract, all its terms have been:
A contract which is still in process, and is not in default is:
A void contract lacks one or more of the essential elements. It is binding on ____________ of the parties.
T/F A valid contract contains all essential elements. It is binding on all parties to the contract.
You know the basement leaks, but say "Oh, no the basement doesn't leak at all." This is an example of:
You did not purposely deceive, but with reasonable care the problem could have been avoided. This is an example of:
When they know the basement leaks, but the agent and seller say nothing & the buyer doesn't ask about the basement. This is an example of:
An offer can be withdrawn at any time up to ____________. There is no acceptance until the acceptance has been ____________ to the offeror.
A clause providing for a predetermined money settlement for anticipated defaults (such as the earnest money) is called a __________ damages clause
All contracts are assignable, without the approval of the other party, except for those involving _________ __________ (which includes Agency), or those that specifically prohibit it (such as a "Due on Sale" clause in a loan).
A contract exists between Abel & Baker. Abel substitutes Chan in his place with the approval of Baker, and Abel is released from all liability. This is called ________.
When all dates are firm and must be met, the contract has a time is of the essence clause. Violation of deadlines creates a ________________________ contract.
Which of the following is a bilateral contract?
c. REPC (Real Estate Purchase Contract)
T/F. An agent brought the sellers an offer at exactly the price and terms specified
in the listing agreement. The sellers don't want to sell. They still owe a commission.
T/F. The Real Estate Commission sets the legal rate of commissions for Utah
A listing where the seller wants a specific amount of money, and the broker keeps everything over that amount as commission is called a ___ _______ and is _______ in Utah.
net listing, Illegal