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Cards In This Set
| Front | Back |
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What is the essential elements in CONTRACTS?
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1. Agreement
2. Voluntary and Informed 3. Capable Parties 4. Legal 5. Consideration |
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According to the Statue of Frauds, how much money is required for contracts to be in writing?
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$500
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What are the THREE forms of LEGAL DESCRIPTIONS?
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1. Lot, Block and Subdivision
2. Meets and Bounds 3. Reference to the U.S. Rectangular (Geodesic) Survey. |
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An "adequate Property Description", is sufficient for documents which will not be recorded such as:....?
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1. Real Estate Purchase Agreements
2. Leases 3. Listing |
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An "adequate" Property Description has been defined as...?
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1. Address of the Property
2. Assessor's Parcel Number (APN) |
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What is the Assessor's Pacel Number or APN?
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It is the account number assigned by the County Assessor to each parcel within the jurisdiction for purpose of recording payment of taxes.
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EXPRESSED CONTRACT
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Words, either written or oral have been used to express the intent of the parties.
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IMPLIED CONTRACT
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The actions of the parties imply the intent to contract.
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BILATERAL CONTRACT
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Each party is making promises to do this or that. Most contracts are bilateral contracts.
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UNILATERAL CONTRACT
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One-sided contract. Example is the offer of a reward for a lost dog.
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"Option" is what type of contract in real estate?
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Unilateral Contract
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EXCUTED CONTRACT
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A contract that is fully and completely performed. Executed does not mean signed.
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EXECUTORY CONTRACT
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A contract that is not yet fully performed.
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What is in a VALID real estate contract?
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Writing and an adequate description of the property.
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What are TWO status of a contract?
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1. Valid
2. Voidable |
