Which of these is an example of a buyers consideration?-

Level 11: Real Estate Contracts Flashcards

The doctrine of Laches is most similar to: the statute of limitations

To describe a contract as "executory" is to: identify its stage of existence What's the timeframe for Florida Statute of Limitations?For Florida written contracts, the statute of limitations is 5 years.* For Florida oral contracts, the statute of limitations is 4 years.* For Florida contracts for specific performance, the statute of limitations is 1 year.Which of these is an example of a buyer's consideration?- having legally competent parties- getting the contract in writing- the title to real property- $100,000

$100,000

a contract that does not require any illegal activities or outcomes lawful objective What is the term used to describe something of value that is deemed sufficient or appropriate for that which is offered in exchange?Consideration What is something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms?Consideration What 'legal competency' imply? Allowing for contractual capacity.The individual has reached the age of majority (18 years of age in Florida) or had their disabilities of minority removed by a court.The individual is not mentally incompetent or intoxicated by drugs or alcohol.What type of contract has/had the potential of being a valid contract, but its enforcement is barred by some attribute of the contract or technicality of law? And can be fulfilled if both parties are willing.Unenforceable Contract What is the term for a promise NOT to do something?Forbearance

• Valid contracts can be classified in one or more of the

following ways:

Formal vs. informalExpress vs. impliedUnilateral vs.bilateralExecutory vs. executed All of the following are common examples of unilateral

contracts EXCEPT:the sale of a good or servicethe offer of

a rewarda contesta commission The sale of a good or service What contracts are oral and written where the parties explicitly state or express their intentions and expectations regarding the contract and the exchange of promises?Express Contracts Which contract is established by the parties' actions rather than a written document or explicit discussion?Implied contracts a signed sales contract at any point prior to closingexecutory contracts Two elements of executory contracts:A binding contract on multiple partiesOne or more of the parties has yet to perform their contractual duties What are contracts said to be "under seal" and are ALWAYS written?Formal Contracts

General Court Guidelines Regarding Interpretation:The courts will not repair an invalid contract but, rather, will declare that no contract exists.The courts will take into consideration only that which appears in the written document. This is known as the four corners rule.The courts will attempt a practical interpretation, taking into consideration the parties' intent.The courts will interpret any ambiguity in favor of the party NOT responsible for the construction of the contract.The courts will give priority to handwritten or typewritten words in a fill-in-the-blanks or preprinted contract.*And while the courts will not amend or repair an invalid contract, they will impose a constructive condition for justice's sake.*In general, priority of

importance of words in a contract look like this: handwritten

> typed > preprinted.a valid contract that has passed the statute of limitationsunenforceable What is the term for something of value that is deemed sufficient or appropriate for that which is offered in exchange?consideration What's the purpose of state and federal limitations?To ensure that claims are made while pertinent evidence is still "fresh" an oral contract to purchase a real property unenforceable can be "good" or "valuable"consideration an attorney-in-fact representing an incapacitated individual in a contract legal competent parties a meeting of the mindsoffer and acceptance includes all contracts not considered formal contractsparol contracts What are common examples of Express contracts? Listing agreement, buyer broker agreement, a sales and purchase contract an individual who has reached the age of majority and is of sound mind legally competent parties What must happen for there to be a voluntary act of good faith?There cannot be any evidence of fraud, misrepresentation, mutual mistake, or misunderstanding - and certainly no undue influence or duress.What real estate contracts CAN'T be drawn up? DeedsMortgagesPromissory notesLease agreements*(* licensees are allowed to fill in the blanks on preprinted lease agreements for terms of one year or less as long as the documents have been cleared for use by the state supreme court.) What state-level law applies to the conveyance of real property and says certain contracts must be in writing to be enforceable?Statute of frauds Is the second party bound or legally obligated to the unilateral contract?No, because they made no promise.eating a meal at a restaurant prior to paying for itimplied contracts

something of value exchanged by the parties consideration If the courts see ambiguity in a contract, how will they typically respond?The courts will interpret that ambiguity in favor of the party NOT responsible for the construction of the contract.What are examples of implied contracts?Dining at a restaurant. Restaurant provides meal and customer pays the bill.Also known as mutual assent, offer and acceptance is:the fully agreed-upon exchange of promises by the parties Contracts can be modified by the use of addenda and amendments. Which of the following statements is correct regarding their use?Addenda are for introducing new information to unsigned contracts while amendments are used for the change of existing information in signed contracts.What happens if a party performs their obligation to a contract they could have rescinded?They RATIFIED that contract Which contract are potentially valid contracts where at least one party has the option to rescind or terminate the contract without penalty?Voidable contracts What is a state-level law that requires certain types of contracts to be set out in writing to be enforceable?Statute of Frauds reward offers, contests, and commissions unilateral contracts What is valuable consideration?something you can put a price tag on possessing all the essential elements to be legally enforceable valid What real estate contracts CAN be drawn up for use with buyers and sellers?Listing agreementBuyer broker agreementSale and purchase contractsOption contracts What are 3 common restrictions on enforcement of valid contracts?

• Statute of frauds2. Statute of limitations3. Doctrine of

laches Which of the following would be considered a legally competent party to a contract?an intoxicated adulta minor under the influence of drugsan adult not incapacitated in any mannera minor not incapacitated in any manner an adult not incapacitated in any manner Without ___, a contract is not legally binding. consideration What does lawful objective (legality of object) mean?The contract cannot require any illegal activities or outcomes Which contract says all terms have been fulfilled by all parties?Executed contract What are the 4 essential elements of a valid contract?1. Legally competent parties2. Offer and acceptance3.Lawful objective4. Consideration Which of the following is an example of an executory contract with a set end date?a rent-to-buy lease where the tenant can exercise an option to buy the property at the conclusion of the lease period What type of contract accurately reflect the contracting parties' intentions, making them legally binding and legally enforceable for all parties involved?Valid contract What is the introduction of new information to a contract prior to its being entered into?Addendum What's the difference between offer and acceptance & reality of consent?Offer and acceptance speaks to the complete and unreserved agreement of terms and conditions, whereas reality of consent focuses on the fact that the agreement

was arrived at as a voluntary act of good faith.