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Terms in this set (27)
A contract that has yet to be performed is known as an
A contract that is a promise for a promise is known as a
The typical real estate purchase agreement is
a bilateral contract
A contract that has no legal effect from its inception is a
To be enforceable, a real estate sales agreement must
be in writing
Both parties agree to cancel a contract in the process
When both parties to a contract agree to substitute a new agreement for the present one, this is known as a
Performance of a contract may be excused if a party can prove which of the following?
Impracticability of performance
Which of the following is NOT a way to terminate a contract?
Failure to perform a contract obligation is known as a
A 17 years old can contract as an adult if she
The owner of a one-person shoe repair shop is
Mary persuaded her elderly Aunt Agnes to buy a grossly overpriced condo. Mary knew the price was too high, but she received a commission on the sale from the seller. Aunt Agnes may complain of
Actual Fraud and undue influence
The contract Haji Ababe accepted states a purchase price "as appraised on May1,2016 by Mike Morton, MAI." Based on the provision, the contract is
Can a broker enforce an oral listing agreement for his neighbor's home?
Todd made an offer for the Brown residence, and the Browns accepted the offer. On reconsidering, Todd decided to bank out of the deal, and the Browns agreed to let him do so. Todd and the Browns then signed
An agreement rescinding the purchase contract
Lonnie and Karen have a contract to buy the Santos house. Following a 4-days rainstorm, the Santos house was pushed off its foundation by a mudslide and is now resting about halfway over a ravine. The contract probably.
Discharged because performance is impossible
If a buyer's performance of her sales contract becomes economically impractical, she should?
She should ask that the contract terminated
Drew signed a contract to sell his farm to George. Drew had second throughs and refused to sell, but the sale went through anyway. How did this happen?
George received a court order for specific performance of the contract
The time period in which a lawsuit can be brought is set by?
Statute of limitation
The Statute of limitation fir an action based on a written real estate contract is:
The rule for preprinted contracts is
Handwriting takes precedence over both typing and printing.
A property description including the works 50 acres, more or less is
Sufficient if reasonable close to the exact acreage
A well-drafted real estate purchase contract will include provision for
The buyer's possession of the property, the financing terms, proration of property expenses
Liquidated damages paid on default by the buyer of a single-family residence who intended to occupy the dwelling cannot exceed what percentage of the purchase price?
Unless the seller provides the necessary documentations, part of the proceeds of a sale of real property must be withheld for federal tax purposed as provided by
A seller received an offer of $610K for his house. His asking price is $635K. The seller countered with $625K. If the buyer rejects the counteroffer, may the seller accept the $610K offer
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