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PA RE Fundamentals_ Unit 11 RE Contracts (1)
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PA RE Fundamentals_ Unit 11 RE Contracts (1)
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PA RE Fundamentals: Unit 11 RE ContractsContract - ANS-A voluntary, legally ENFORCEABLE promise or set of promises that must be
performed & for which, if a breach of the promise occurs, that law provides a remedy. A contract
may be either UNILATERAL, by which only ONE PARTY is bound to act, or BILATERAL, by
which ALL PARTIES to the instrument are legally bound to act as prescribed.
Express Contract - ANS-An ORAL or WRITTEN contract in which the parties state the contract's
terms & express their intentions IN WORDS.
Statute of Frauds - ANS-That part of a state law that requires certain instruments, such as
deeds, RE sales contracts, & certain leases to be in writing to be LEGALLY ENFORCEABLE.
PA requires that leases for more than 3-yrs be in writing to enforce performance on the contract.
The RE Comm R&Rs require licensees to use written contracts.
Implied Contract (Implied Agreement) - ANS-A contract under which the agreement of the
parties is demonstrated by their ACTS and CONDUCT.
Bilateral Contract - ANS-By which ALL parties to the instrument are legally bound to act as
prescribed (a promise for a promise). See Contract
Unilateral Contract - ANS-By which only ONE PARTY is bound to act/perform. A promise to
induce a 2nd party to perform. If 2nd party performs, the 1st party is obligated to keep promise.
See Contract.
Executed Contract - ANS-A contract in which ALL parties have FULFILLED their promises &
thus performed the contract.
Executory Contract - ANS-A contract under which something REMAINS TO BE DONE by one or
more of the parties.
Valid Contract - ANS-A contract that complies with all the essentials of a contract & is BINDING
& ENFORCEABLE on all parties to it.
Void Contract - ANS-A contract that has NO LEGAL FORCE or EFFECT because it does not
meet the essential elements of a contract, i.e. forged name.
Voidable Contract - ANS-A contract that SEEMS to be valid on the surface but may be rejected
or disaffirmed by one or both of the parties, i.e. minor under age 18, mental illness, under
duress, misrepresentation, under the influence, or with intent to defraud.
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