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Real Estate Contracts

Principles 1 Chapter 9
Horizontales
A contract that seems to be valid on the surface but may be rejected or disaffirm by one or both parties
An agreement entered into by two or more legally compentent parties by the terms of which one or more of the parties, for consideration, untertake to do or refrain from doing some legal acts or acts
An essential component of a vaild contract
A "contract" that has no legal force or effect because it does not meet the essential elements of a contract and therefore is not a contract
The transfer in writing of interest in a contract, mortgage, lease, or other instrument
A legal action brought to compel a party to carry out the terms of a contract
People who are recognized by law as being able to contract with others; usually those of legal age and sound mind
A one-sided contract wherein one party makes a promise in order to induce a second party to do something. The second party is not legally cound to perform, however, if the second party does not comply, the first party is obligated to keep the promise.
A contract that has all the elements of a valid contract. yet neither party can sue the other to force performance of it
The interest held by a vendee under a contract for deed or an installment contract
Something of value that induces a person to enter into a contract
Verticales
A contract that complies with all the essentials of a contract and it binding and enforceable to all parties to it
A contract under which the agreement of parties is demostrated by their acts and conduct
A contract under which something remains to be done by one or more of the parties
A contract where both parties to the contract are legally bound to act as promised
A contract in which all parties have fulfilled their promises
The right to purchase property within a definite time at a specified price
Violation of any terms or conditions in a contract without legal excuse
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive if the other party breaches a contract
An amount of money, deposited by a prospective buyer as evidence of good faith under the terms of a contract, that is to be forfeited if the buyer defaults but applied to the purchase price if the sale is closed
A contract for the sale of real estate wherein the purchase price is paid in periodic installments by the purchaser, who is possession of the property even though title is retained by the seller until final payment
A new offer made as reply to an offer received
An oral or written contract in which the parties state the contract's terms and express their intentions in words