Real Estate: Contract Questions 2024.

Real Estate: Contract Questions 2024. A contract created by actions rather than oral or written words is called - ANSWER an implied contract A contract which has no force or effect in law is - ANSWER void and unenforceable What is not necessary for a contract to be valid? - ANSWER Notarization All contracts for the sale of real property must - ANSWER be in writing A contract for sale of real estate must be signed by - ANSWER the seller and buyer A voidable contract is - ANSWER valid until action is taken to make it void A valid real estate sales contract must - ANSWER accurate description/signed by buyer and seller/ competent parties consideration is... - ANSWER something of value and mutual promises Legality of Object is... - ANSWER The requirement that a contract must not be for an illegal purpose or against public policy Executed - ANSWER when the parties to a contract have fully performed the terms, the contract may be called - A lease made with a lessor who is under legal age of minority ( who is a minor) - ANSWER voidable by lessor Liquidated damages - ANSWER an amount predetermined by the parties as a total compensation a party should receive in the event that the other party breaches a specified part various reasons - ANSWER A contract could be rescinded due to which of the following is necessary to establish misrepresentation? - ANSWER assertion in writing & the assertion was false. Stating an opinion that is not fact is... - ANSWER Puffing