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NCRA RPR STUDY GUIDE LEGAL- CONTRACTS
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NCRA RPR STUDY GUIDE LEGAL-CONTRACTS
implied contract - Answer an agreement created by actions of the parties involved, but it
is not written or spoken. There is no written record nor any actual verbal agreement. A
form of an implied contract is an implied warranty provided automatically by law.
executory contract - Answer a contract made by two parties in which the terms are set
to be fulfilled at a later date.
unilateral contract - Answer a contract created by an offer than can only be accepted by
performance.
breach of contract - Answer failure to fulfill the terms of a contract
rescind - Answer to cancel or void a contract
express contract - Answer a verbal contract
inchoate - Answer incomplete
covenant - Answer agreement
bilateral - Answer a contract in which there is a promise for a promise
executed - Answer a contract in which the promises are made and completed
immediately
caveat emptor - Answer let the buyer beware
surety - Answer a person who takes responsibility for another's performance of an
undertaking, for example their appearing in court or the payment of a debt.
money given to support an undertaking that someone will perform a duty, pay their
debts, etc.; a guarantee.
"the judge granted bail with a surety of $500"
assignable - Answer A contract which includes a clause that allows an owner to give the
rights and obligations to a new owner, who will also receive any benefits under the
contract before it closes.
ex contractu - Answer From a contract. A legal term that indicates a consequence of a
contract. Ex contractu is often to denote the source of a legal action
subrogation - Answer substitution of one person for another with respect to rights,
claims, or securities.
counteroffer - Answer an offer made in response to another
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