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CARE Prin. Ch. 5-D

Real Estate Contracts: Definitions

TermDefinition
Valid Binding and enforceable
Void No legal effect, no contract
Voidable One party can cancel due to fraud, duress or undue influence, but the other side cannot cancel
Unenforceable Appears valid, but cannot be enforced in court
Status of Frauds Requires that certain contracts, including real estate contracts be in writing to be enforceable.
Capable of Contracting At least 2 or more parties must have the legal capacity to contract
Mutual Consent Parties must mutually agree to be bound by the terms of the contract
Lawful Object Contract must have lawful object – object refers to what is required to be done or not done
Sufficient Consideration Benefit conferred or agreed to be conferred on the person making the promise or on any other person
Statute of Frauds In the CA Civil code that a real estate contract must be in writing to be enforceable in court
Parole Evidence A rule that states oral evidence may not be used to modify a written contract that appears to be complete.
Full performance A normal situation, where both parties accomplish what they set out to do in the contract.
Breach of contract One party on the agreement did not fulfill their part of the agreement
Specific performance Allows the seller or buyer to sue the part in default to complete the contract and by or sell the property.
Liquid damages Allows the seller to keep the buyer’s earnest money if the buyer is in breach of the agreement
Exclusive Authorization and right to sell listing Broker is entitled to a commission no matter who sells the property including the owner during a specific time period.
Executed contract All actions completed by both parties
Executory contract Actions still need to be completed by one or more parties
Expressed Parties have formally agreed on acts verbally or through a written agreement
Implied Parties have not formally agreed on acts verbally or through a written agreement. Created by actions
Unilateral contract Created by one party extending a promise to another. One sided
Bilateral contact Promise from one person is made in exchange for a promise to another person. Ex. Seller & Buyer
Created by: cobiagwu
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