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Study sets matching "term:contracts = between buyer and seller"

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Study sets matching "term:contracts = between buyer and seller"

14 terms
Purchase Contracts (between seller & buyer)
Offer
Breach of a contract
Equitable Title
The most typical contingency in a RE c…
Until the seller accepts an offer & the buyer is notified of…
refusal or failure to comply with the terms of a contract.
After BOTH parties sign the sales contract; the seller holds…
Financing
Offer
Until the seller accepts an offer & the buyer is notified of…
Breach of a contract
refusal or failure to comply with the terms of a contract.
27 terms
Purchase contracts between seller and buyer
Offeror
Offeree
binding contract
terminate an offer
the giver of the offer to the offeree.
the one who accepts the offer.
once the buyer and seller agree to everything
offeree's outright rejection, offeror may revoke the offer at…
Offeror
the giver of the offer to the offeree.
Offeree
the one who accepts the offer.
18 terms
1C North Carolina Purchase Contracts /contracts between seller and buyer
options
Basic provisions
purpose
Elements
Contractual right to buy, Contracts that give investors the c…
...
...
...
options
Contractual right to buy, Contracts that give investors the c…
Basic provisions
...
18 terms
Contracts, Buyer and Seller Relationships
Mortgage Contingency Clause
Option
Attorney Review Clause
Liquidated Damages
Need More... If the buyer does not receive a mortgage commitmen…
Unilateral contract where one party makes a promise to another
a condition that makes the contract subject to approval by ea…
Needs more... Forfeiture of earnest money should the buyer be u…
Mortgage Contingency Clause
Need More... If the buyer does not receive a mortgage commitmen…
Option
Unilateral contract where one party makes a promise to another
67 terms
Contracts & Relationships with Buyers/Sellers
Contract
Expressed Contract
Implied Contract
Bilateral Contract
An agreement between parties to perform or refrain from perfo…
Contract in which the parties state the terms and show their…
The agreement of the parties is demonstrated by their actions…
Contract where both parties must promise to do something.
Contract
An agreement between parties to perform or refrain from perfo…
Expressed Contract
Contract in which the parties state the terms and show their…
36 terms
Contracts and relationships with buyers and sellers
An Addendum
Fill in the blanks
Equitable title
As per the offer terms
What form would be used for ask for a different closing date…
When writing an offer a licensee may
During escrow what rights does a buyer have to the subject pr…
When does an offer expire?
An Addendum
What form would be used for ask for a different closing date…
Fill in the blanks
When writing an offer a licensee may
8 terms
Contracts & Relationship with Buyers and Sellers
Writ of Attachment
Essential Elements of a valid contract:
Void K
Voidable K
Court takes jurisdiction over a defendant's property till law…
Competent Parties... Offer and Acceptance... Consideration... Legality…
No legal force or effect bcs it does not meet the essential e…
Terminated or rescinded by one of the parties. ... K entered wit…
Writ of Attachment
Court takes jurisdiction over a defendant's property till law…
Essential Elements of a valid contract:
Competent Parties... Offer and Acceptance... Consideration... Legality…
15 terms
Contracts and Relationships with Buyers and Sellers
Stages of Real estate purchase contract
offeror
offeree
Buyer
1. listed... 2.offer, acceptance, and communication of acceptanc…
made the last offer
received last offer
vendee has EQUITABLE title (owner in equity)
Stages of Real estate purchase contract
1. listed... 2.offer, acceptance, and communication of acceptanc…
offeror
made the last offer
42 terms
Contracts & Relationship with Buyers & Sellers
Expressed Contract
Expressed Contracts
Contract
Implied Contract
Contract in which parties declare their intentions either ora…
Lease or Rental Agreement and a contract to purchase real est…
Legally enforceable agreement to do (or not to do) a specific…
Contract created by neither words nor writing but rather by a…
Expressed Contract
Contract in which parties declare their intentions either ora…
Expressed Contracts
Lease or Rental Agreement and a contract to purchase real est…
50 terms
Contracts and relationships with buyers and sellers
To be valid and enforceable, the contr…
What kind of lease is an exception to…
Void/invalid contracts (3)
Voidable contracts (4)
COLIC... -competent parties... -offer and acceptance... -legal purpos…
-a lease for one year or less
-no binding effect on the person who made it... -made with a per…
-one party has the right to withdraw... -a minor... -someone who si…
To be valid and enforceable, the contr…
COLIC... -competent parties... -offer and acceptance... -legal purpos…
What kind of lease is an exception to…
-a lease for one year or less
25 terms
Contracts and Relationships with Buyers and Sellers
To be valid and enforceable, a contrac…
A contract has to be in writing to be…
Time is of the essence
Option Contract
Competent parties, Offer and acceptance, Legal purpose, In wr…
When its a lease for one year or less, it does not have to be…
a clause that allows each party to hold the other to strict p…
is the right to purchase a property within a definite time pe…
To be valid and enforceable, a contrac…
Competent parties, Offer and acceptance, Legal purpose, In wr…
A contract has to be in writing to be…
When its a lease for one year or less, it does not have to be…
57 terms
Chapter 3 : Contracts and Relationships with Buyers and Sellers
contract
Contract need to be enforceable (COLIC)
competant parties
offer and acceptance
written to promise to pay, by the buyer, and a written promis…
competant parties, offer and acceptance, legal purpose, In wr…
sane, sober, consenting adults
mutual agreement without quallifacations
contract
written to promise to pay, by the buyer, and a written promis…
Contract need to be enforceable (COLIC)
competant parties, offer and acceptance, legal purpose, In wr…
7 terms
MO - Missouri Contracts with Buyers and Sellers - Flashcards
Missouri Broker Disclosure Form
Exclusive right to sell listing agreem…
Exclusive agency agreement
Open listing agreement
Prescribed by the Missouri Real Estate Commission and must be…
Allows the listing agent to list the property and receive a s…
Allows a listing agent to list a property; if that agent or a…
Unilateral agreement in which a seller may contract with many…
Missouri Broker Disclosure Form
Prescribed by the Missouri Real Estate Commission and must be…
Exclusive right to sell listing agreem…
Allows the listing agent to list the property and receive a s…
26 terms
Chapter 3: Contracts and Relationships w/ buyers and sellers
Express contracts can be
Implied contracts are created
A valid contract
A voidable contract
written or oral
by actions and are not in writing
has all essential elements, is binding on both parties and is…
appears to be valid but one party may disaffirm b/c the party…
Express contracts can be
written or oral
Implied contracts are created
by actions and are not in writing
29 terms
[FINAL] Contracts and Relationships With Buyers & Sellers
Expressed Contract
Executory Contract
Writ of Attachment
Void
the parties state the terms and show their intentions in word…
the contract is not executed. something remains to be done by…
when the court takes jurisdiction over a defendant's property…
has no legal force or effect because it does not meet essenti…
Expressed Contract
the parties state the terms and show their intentions in word…
Executory Contract
the contract is not executed. something remains to be done by…
36 terms
3. Contracts and relationships with buyers and sellers
b. An Addendum
a. Fill in the blanks
a. Equitable title
d. As per the offer terms
What form would be used for ask for a different closing date…
When writing an offer a licensee may... a. Fill in the blanks... b.…
During escrow what rights does a buyer have to the subject pr…
When does an offer expire?... a. 24 hours after the buyer signs…
b. An Addendum
What form would be used for ask for a different closing date…
a. Fill in the blanks
When writing an offer a licensee may... a. Fill in the blanks... b.…
74 terms
Chapter 3 - Contracts and Relationships with Buyers and Sellers Part 1
Contract in real estate
For a contract to be valid it must have
Colic - Competent
Colic - Offer and acceptance
a written promise to pay, by the buyer, and a written promise…
COLIC
sane, sober consenting adults
mutual agreement, or meeting of the minds without qualificati…
Contract in real estate
a written promise to pay, by the buyer, and a written promise…
For a contract to be valid it must have
COLIC
18 terms
Some questions and answers between young sellers and buyers at a market
¿En qué puedo ayudarte?
¿Necesitas algo?
¿Tienes zapatillas de tenis?
¿Cuánto cuestan esas botas?
Busco unos blue jeans.
Sí, quiero comprar una camiseta.
Sí, tengo una gran variedad de zapatillas.
Cuestan $20.00 dólares. Son muy baratas.
¿En qué puedo ayudarte?
Busco unos blue jeans.
¿Necesitas algo?
Sí, quiero comprar una camiseta.
29 terms
National Chapter 3: Contracts And Relationships With Buyers And Sellers
To be valid and enforceable, the contr…
Void/invalid
Voidable
Unenforceable
1. Competent parties - sane, sober, consenting adults... 2. Offe…
no binding effect on the parties who made it (with a person w…
one party has the right to withdraw (a minor, someone who sig…
will not be enforced by the courts (oral, violates the Statut…
To be valid and enforceable, the contr…
1. Competent parties - sane, sober, consenting adults... 2. Offe…
Void/invalid
no binding effect on the parties who made it (with a person w…
37 terms
Chapter 3 14 Q Contracts & Relationships with buyers and sellers
Agents duty to principal
Obedience
Loyalty
Disclosure
OLDCAR
Listen to instructions
Best interest first
All facts
Agents duty to principal
OLDCAR
Obedience
Listen to instructions
109 terms
Unit 3 Contracts adn relationships with buyers and sellers
An example of a novation is a new cont…
A contract can be discharged when it c…
An executory contract is one that has…
Earnest money is part of consideration…
t
t
F one yet to be performed
F Earnest money is not consideration and is not required. It…
An example of a novation is a new cont…
t
A contract can be discharged when it c…
t
14 terms
Buyers Remedies at Law for Sellers Breach of Contract to Sell Real Property
Generally, what is the buyers remedy a…
What is the Traditional kind of damage…
How do you measure expectation damages…
What are the expectation damages for a…
Money Damages
Traditionally, if the seller breaches a contract for the sale…
To compensate the buyer in a rising market, some courts now m…
Restitution
Generally, what is the buyers remedy a…
Money Damages
What is the Traditional kind of damage…
Traditionally, if the seller breaches a contract for the sale…
5 terms
Sellers Remedies in Equity for Buyers Breach of Contract to Sell Real Property
What are the Sellers Remedies in Equit…
Define Rescission
What is the Traditional Rule for Speci…
What is the Modern Approach for Condom…
(1) Rescission and (2) Specific Performance
If the buyer breaches, the seller may elect to seek rescissio…
Mutuality of Remedy is required; because the buyer is entitle…
Some courts have declined to classify a condominium unit as u…
What are the Sellers Remedies in Equit…
(1) Rescission and (2) Specific Performance
Define Rescission
If the buyer breaches, the seller may elect to seek rescissio…
19 terms
paralegal: contracts - performance under article 2: seller and buyer duties (LGLA 1351 - ch. 13)
Common Carrier
Bailee
Bailor
Bailment
A person or company engaged in the business of transporting p…
The person to whom property is entrusted in a bailment.
The person who entrusts property to another in a bailment.
The temporary placement of control over, or possession of, pr…
Common Carrier
A person or company engaged in the business of transporting p…
Bailee
The person to whom property is entrusted in a bailment.
25 terms
Texas Real Estate Exam (National Portion): Contracts and Relationships with Buyers and Sellers
Contract
Essential Elements of a Valid Contract
Discharge of Contract
Default (breach without legal excuse)
agreement between parties to perform or refrain from performi…
competent parties (mental and legal age), offer and acceptanc…
completely performed, partial performance with written accept…
Options for Seller Default: rescind and recover earnest $, fi…
Contract
agreement between parties to perform or refrain from performi…
Essential Elements of a Valid Contract
competent parties (mental and legal age), offer and acceptanc…
18 terms
Buyer Seller Agency Agreements
Listing Agreements - employment contra…
Exclusive Right to Sell Agreement:
Exclusive Right to Sell - with Consent…
Exclusive Right to Sell-with Consent t…
written, oral or implied - best practice is written. ... exclusi…
One broker is sole representative. Seller pays the broker com…
Agent represents both parties. Disclosed - Consent - in writi…
Two agents from the same broker firm are involved. Disclosed…
Listing Agreements - employment contra…
written, oral or implied - best practice is written. ... exclusi…
Exclusive Right to Sell Agreement:
One broker is sole representative. Seller pays the broker com…
12 terms
Seller And Buyer Representation
Listing Agreement
Buyer Representation Agreement
Brokerage Agreement aka listing or age…
Exclusive-right-to-sell listing
Is an employment contract that creates a special agency betwe…
Also an employment contract because it establishes the rights…
Is a written contract in which the seller or buyer becomes th…
one broker is appointed as the seller's sole agent. Broker is…
Listing Agreement
Is an employment contract that creates a special agency betwe…
Buyer Representation Agreement
Also an employment contract because it establishes the rights…
30 terms
Contracts
bilateral contract
executed contract
executory contract
option agreeement
the promise of one party is given in exchange for the promise…
all obligations have been performed
the period of time after a real estate sales contract is sign…
unilateral, expires in 6 months. Ex. Pam - in class
bilateral contract
the promise of one party is given in exchange for the promise…
executed contract
all obligations have been performed
52 terms
Contracts
Expressed Contracts consist of
Expressed contracts are
Statue of Frauds
Implied Contracts
oral, written, and bilateral
when the parties have expressed their intentions and stated t…
the legal concept that most contracts should be in writing to…
the agreement between the parties is shown by actions rather…
Expressed Contracts consist of
oral, written, and bilateral
Expressed contracts are
when the parties have expressed their intentions and stated t…
64 terms
Contracts
Offer
Acceptance (UCC)
Consideration
Enforceability
Creates the power acceptance in the offeree and a correspondi…
A. Acceptance can be established by shipping or promising to…
A bargain for a performance or returned promise and an exchan…
Whether a contract can legally be held against a party.
Offer
Creates the power acceptance in the offeree and a correspondi…
Acceptance (UCC)
A. Acceptance can be established by shipping or promising to…
35 terms
Sales - Obligation of the Seller and Buyer
Ambiguities in a Contract
Seller's 3 Main Obligations
Obligation to Deliver - Movables/Immov…
Delivery's Effects on Third Parties Ti…
Interpreted against the seller if not express.... Public Poli…
1. Obligation to Deliver... 2. Obligation of Warranty Against Hi…
i. Movables - *Delivery occurs when the thing is handed over…
1. Movables - *when the product is placed at disposal of the…
Ambiguities in a Contract
Interpreted against the seller if not express.... Public Poli…
Seller's 3 Main Obligations
1. Obligation to Deliver... 2. Obligation of Warranty Against Hi…
9 terms
Listing agreements and buyer representation contracts
Listing agreement
Exclusive-right-to-sell listing
Exclusive agency listing
Open listing ... Aka nonexclusive listing
Is a employment contract between a broker and a seller
One broker is appointed as the sole (exclusive) agent of the…
One broker is authorized to act as the exclusive agent of the…
There are multiple agents.... The seller is obligated to compen…
Listing agreement
Is a employment contract between a broker and a seller
Exclusive-right-to-sell listing
One broker is appointed as the sole (exclusive) agent of the…
7 terms
Listing Agreements and Buyer Representation Contracts
buyer agency agreement
comparative market analysis (CMA)
exclusive agency listing
exclusive-right-to-sell listing
A principal-agent relationship in which the broker is the age…
A written analysis, opinion, or conclusion by a contracted bu…
A listing contract under which the owner appoints a real esta…
A listing contract under which owners appoint a real estate b…
buyer agency agreement
A principal-agent relationship in which the broker is the age…
comparative market analysis (CMA)
A written analysis, opinion, or conclusion by a contracted bu…
36 terms
Contracts
Restitution
Unilateral Contract
Firm Offer
Acceptance - Common Law
Protects against unjust enrichment by awarding the reasonable…
An offer can be accepted only by performing. Once performance…
In a sale of goods, if a merchant promises in a signed writin…
Adding or changing almost any term operates as a rejection an…
Restitution
Protects against unjust enrichment by awarding the reasonable…
Unilateral Contract
An offer can be accepted only by performing. Once performance…
9 terms
Ch. 18 - Listing Agreements and Buyer Representation Contracts
Buyer Agency Agreement
Comparative Market Analysis (CMA)-1
Comparative Market Analysis (CMA)-2
Comparative Market Analysis (CMA)-3
A principal-agent relationship in which the broker is the age…
A written analysis, opinion, or conclusion by a contracted bu…
Is a comparison of the prices of recently sold homes that are…
aka: competitive market analysis, it is not an appraisal.
Buyer Agency Agreement
A principal-agent relationship in which the broker is the age…
Comparative Market Analysis (CMA)-1
A written analysis, opinion, or conclusion by a contracted bu…
32 terms
Unit 18: Listing Agreements and Buyer Represent
Agency Agreements
Listing Agreements
Buyer representation agreement
Written Agreements
Employment contracts for the personal professional services o…
Employment contract between a seller (or buyer) and a Real Es…
An employment contract that establishes the rights and fiduci…
Required by PA law to be between a broker and a consumer when…
Agency Agreements
Employment contracts for the personal professional services o…
Listing Agreements
Employment contract between a seller (or buyer) and a Real Es…
20 terms
Contracts
Listing Contracts
Purchase Agreement
Equitable Title
Implied Contract
In a real estate office these contracts are the property of t…
Prior to acceptance these are considered offers
A type of title that one receives as the deed is delivered
Pumping gas prior to paying is an example of this type of con…
Listing Contracts
In a real estate office these contracts are the property of t…
Purchase Agreement
Prior to acceptance these are considered offers
15 terms
Chapter 13 Performance under Article 2: Seller and Buyer Duties
Common Carrier
Bailee
Bailor
Document of Title
A person or company engaged in the business of transporting p…
The person to whom property is entrusted in a bailment
The person who entrusts property to another in bailment.
A document evidencing that the person in possession of it is…
Common Carrier
A person or company engaged in the business of transporting p…
Bailee
The person to whom property is entrusted in a bailment
9 terms
Chapter 1 - Seller / Buyer
an enforceable listing agreement does…
what is not necessary for a broker to…
consumer protection act requires that
six months after the buyer bought a ho…
because the statutes of fraud applies to conveyances of prope…
a signed listing agreement because broker is entitled to a co…
broker disclose known material information that might affect…
sue the broker under the massachusetts consumer protection ac…
an enforceable listing agreement does…
because the statutes of fraud applies to conveyances of prope…
what is not necessary for a broker to…
a signed listing agreement because broker is entitled to a co…
7 terms
Chapter 18 Listing Agreements and Buyer Representation Contracts
a principal-agent relationship in whic…
a written analysis, opinion, or conclu…
a listing contract under which the own…
a listing contract under which owners…
buyer agency agreement
comparative market analysis (CMA)
exclusive agency listing
exclusive-right-to-sell listing
a principal-agent relationship in whic…
buyer agency agreement
a written analysis, opinion, or conclu…
comparative market analysis (CMA)
18 terms
Buyer's/Seller's Remedies, Direct v. Consequential Damages, & Foreseeability (09/07/16)
zealous representation
market contract contract
Kansas Statutes Annotated
Rule of Construction
you owe a duty to your client to fight for his or her best in…
the two ways to measure expectation damages: 1) taking the di…
it is in the UCC and its acronym is KSA
similar to a legal "rule of thumb," used for interpreting leg…
zealous representation
you owe a duty to your client to fight for his or her best in…
market contract contract
the two ways to measure expectation damages: 1) taking the di…
28 terms
colorado seller buyer relationship unit 2
multiple person firm
designated brokerage relationships
one person firm
buyer listing descrption
employing broker designate broker/team t rep buyer or seller,…
exist w/broker and client not brokerage firms/associates, rec…
broker cant be designated, person is either a single agent or…
breifely describes prop; basic type of prop and general locat…
multiple person firm
employing broker designate broker/team t rep buyer or seller,…
designated brokerage relationships
exist w/broker and client not brokerage firms/associates, rec…
Contracts-chapter 2
Offer
Offeror
Offeree
Promisee
A manifestation or demonstration of willingness to enter into…
Party who extends the offer to the offered-i.e. Buyer
The party whom the Offeror invites to accept the offer-i.e. S…
The party to whom a promise is made-i.e. Offeree
Offer
A manifestation or demonstration of willingness to enter into…
Offeror
Party who extends the offer to the offered-i.e. Buyer
Real Estate Lesson 6 Contract Law Section 7: Types of Real Estate Contracts
Listing Agreement
Buyer Representation Agreement
Purchase Agreement
Land Contract
A contract between seller and a firm.... The firm is hired to f…
This is an employment contract between a buyer and a firm.... T…
Contract between buyer and seller.... Seller agrees to convey p…
A financing agreement between buyer and seller.... Seller agree…
Listing Agreement
A contract between seller and a firm.... The firm is hired to f…
Buyer Representation Agreement
This is an employment contract between a buyer and a firm.... T…
26 terms
NATIONAL 3 contracts, listings and buyer broker agreements
Contract
Competent parties
Valid consideration
Offer and acceptance
A legally enforceable agreement to do or not to do a specific…
Legally capable individuals who can enter into a binding cont…
Money or other valuables such as contributed labor or love
All parties must agree to all terms. (Meeting of the minds)
Contract
A legally enforceable agreement to do or not to do a specific…
Competent parties
Legally capable individuals who can enter into a binding cont…
22 terms
Types of Contracts
Void
Unenforceable
Voidable
Express
Contract that is not valid; does not exist... i. EXAMPLE: violat…
A valid contract that courts will not enforce. ... i. ex. debt u…
valid as long as one specific party did not declare it void (…
manifested orally or written...A contract is this if the agre…
Void
Contract that is not valid; does not exist... i. EXAMPLE: violat…
Unenforceable
A valid contract that courts will not enforce. ... i. ex. debt u…
20 terms
Contracts
Listing Contracts
Purchase Agreement
Equitable Title
Implied Contract
In a real estate office these contracts are the property of t…
Prior to acceptance these are considered offers
A type of title that one receives as the deed is delivered
Pumping gas prior to paying is an example of this type of con…
Listing Contracts
In a real estate office these contracts are the property of t…
Purchase Agreement
Prior to acceptance these are considered offers
31 terms
Chapter 20 - Remedies for Breach of Sales and Lease Contracts
Basic Obligations of Buyer/seller
Tender of Delivery
Rules of Shipment Contracts by the UCC
Rules for Destination Contracts by the…
Seller - transfer and deliver goods... Buyer - accept and pay fo…
The obligation of a seller to transfer and deliver goods to t…
Put the goods in a carrier's possession and contract for the…
Require delivery to be tendered at the buyer's place of busin…
Basic Obligations of Buyer/seller
Seller - transfer and deliver goods... Buyer - accept and pay fo…
Tender of Delivery
The obligation of a seller to transfer and deliver goods to t…
35 terms
Buyer/Seller Exam 2
Sales Dialogue
Parts of a sales dialogue
Canned Presentation
Written Sales Proposal
Business conversations between buyers & sellers to enhance cu…
1. Initiating: Needs discovery... 2. Developing: Sales presentat…
Scripted sales calls, logically structured, doesn't vary from…
Complete self-contained sales presentation
Sales Dialogue
Business conversations between buyers & sellers to enhance cu…
Parts of a sales dialogue
1. Initiating: Needs discovery... 2. Developing: Sales presentat…
5 terms
Finance - Seller Financing
Seller Financing... (Land Contract)
Default
Rules of Forfeiture
Vendor
Contract for Deed/ Installment Contract/Agreement for Sale
Buyer doesn't make payments
Seller's recourse if:... Borrower has Paid Less than 20% - (Rede…
Seller/Lender
Seller Financing... (Land Contract)
Contract for Deed/ Installment Contract/Agreement for Sale
Default
Buyer doesn't make payments
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