Valid, Void Voidable Contracts. Real Estate Flashcards

Valid, Void & Voidable Contracts. Real Estate Flashcards Mechanics lienlien placed by contractors, sub contractors, or material vendors on a property where they preformed work but were not paid Voidable Contractsa contract that appears valid on its face, meaning that it appears to have all 5 of the essential elements but that is subject to rescission by one of its parties (ex. signing a contract under duress or signed by a minor) Void ContractLacks one or more of the five essential elements and is therefor not enforceable/binding REITA Real Estate Investment Trust. Is a big mutual fund for real estate investment. It is governed by the Securities Law Valid ContractOne that has all the essential elements plus any additional, special details necessary to the contract and are enforcable Purchase PriceTells us the market value (aka what someone is willing to pay)