Aceable Agent - Level 12: Real Estate Contracts Flashcards

Aceable Agent - Level 12: Real Estate Contracts Flashcards

Unilateral ContractAn agreement in which one party promises to perform and the other party accepts this promise, requiring only one party to act Four Corners DoctrineA legal concept stating that the court can only consider information that appears within the four corners of the documents AddendaDocuments containing additional terms, information, or obligations that are attached to a contract Substantial PerformanceOccurs when a party performs the majority of the contract's requirements but does not perform according to the contract's stipulations AmendmentChanges or makes modifications to an already agreed upon contract Forbearance AgreementPart of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform Executed ContractA contract in which all terms have been fulfilled by all parties Executory ContractA contract that is not completely executed or performed Partial PerformanceThis occurs when one or more of the contracting parties perform only a portion of the agreed-upon contractual duties Statute of FraudsA law which requires certain types of contracts to be in writing and to be signed by all parties who are bound by the contract NovationThe act of replacing an existing contract with a new, modified one Parol Evidence RuleA legal term that states that if the important details of an agreement were discussed but fail to make it into the written contract, the written and signed contract is given authority over any word of mouth Bilateral ContractAn agreement in which both parties give consideration and promise to perform the actions specified in a contract ContingenciesStipulations or conditions that must be satisfied before the contract can be performed AssignmentThe transference of obligations in a contract from one party to another ContractA legally binding and enforceable agreement to do or not to do a specific thing Performance AgreementPart of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual

promises