Chapter 4 National Real Estate Exam Prep (Champions School of Real estate)Latest Update Graded A+
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Course
CHAMPIONS School of Real Estate
Institution
CHAMPIONS School Of Real Estate
Chapter 4 National Real Estate Exam Prep (Champions School of Real estate)Latest Update Graded A+
Express contract
Contract that is written or stated
Implied contract
Contract by actions or evidence
Unilateral Contract
binds only one party. Example an option
Option contract
The ...
Chapter 4 National Real Estate Exam Prep
(Champions School of Real estate)Latest Update
Graded A+
Express contract
Contract that is written or stated
Implied contract
Contract by actions or evidence
Unilateral Contract
binds only one party. Example an option
Option contract
The right to purchase property within a definite time at a specified price
Bilateral contract
Exchange of promises, binds both parties.
Required elements of a contract
1. Competent parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
Executed (Fully executed)
When all the terms and conditions of the contract have been met and carried out.
Executory
A contract that is signed, but not yet carried out
Void or Invalid Contract
No contract at all, not enforceable by law
Voidable Contract
An agreement that may be terminated by one of the parties
Unenforceable Contract
A valid contract rendered unenforceable by some statute or law.
Mutual rescession
When parties agree to cancellation, the contract is terminated.
Default
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