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Chapter 4 National Real Estate Exam Prep (Champions School of Real estate)Latest Update Graded A+

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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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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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