Chpt 10: The Law Of Contract at Sauder School Of Business | Flashcards & Summaries

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TESTE DEIN WISSEN
What is a Contract if Purchase and Sale?
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TESTE DEIN WISSEN
A Contract of Purchase and Sale is a contract of purchase or sale of land which contains vendor obligations and purchaser obligations with respect to the Purchase and Sale of land.
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TESTE DEIN WISSEN
What are the 2 types of contracts involved in real estate?
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TESTE DEIN WISSEN
The 2 types of contracts involved in real estate are:

1-   Agency Contracts-  listing contract or exclusive buyer agent contracts

2-  Contract of Purchase and Sale


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TESTE DEIN WISSEN
How can a contract be ineffective in different ways?
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TESTE DEIN WISSEN
Depending on which missing essential element in a contract is absent has varying effects on the contract. 

Contracts  can be ineffective in 4 ways:

1-   Void
2-  Voidable
3-  Illegal
4-  Unenforceable 
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TESTE DEIN WISSEN
What is a Void Contract?
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TESTE DEIN WISSEN
A Void Contract is one that was never existed, even if both parties want it to. 

Both parties are in the same position, as if Contract never attempted. If consideration was given it is repayable and no enforceable rights. 

For example, where  parties seek to make a contract in circumstances where thier is a mutual common mistake, thus resulting in a void contract.
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TESTE DEIN WISSEN
What is an Illegal Contract?
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TESTE DEIN WISSEN
An Illegal Contract is a contract that goes against public policy, a statute, the law ( I.e., contract for murder or betting). 

If money is exchanged under an illegal contract, it may not be recoverable.

**Legality is an essential element of a contract.
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TESTE DEIN WISSEN
What is a Voidable Contract?
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TESTE DEIN WISSEN
A Voidable Contract is a contract were one or both parties have the right to rescind/cancel/ repute the contract. 

Often a contract will layout the terms in which a contract can be canceled.
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TESTE DEIN WISSEN
What is an Unenforceable Contract?
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TESTE DEIN WISSEN
An Unenforceable Contract is a contract that has the 7 essential elements of a valid contract but can not be sued upon/enforced for procedural reasons. 

For example, contracts regarding land require a written contract. Oral contracts are  unenforceable.
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TESTE DEIN WISSEN
Must a contract me clear and unambiguous?
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TESTE DEIN WISSEN
Yes.
A contract must be clear and unambiguous terms. 

If a dispute arises, the court will find for what a reasonable person's interpretation would be. If 2 reasonable interpretations of the offer, then neither interpretation will be followed by the court.

An Offer can be made to one person or a group. Only the person(s) whom the offer was directly made to can accept.

For example, If Tom made an offer to Sara and Natalie walks by overhearing offer, Natalie can not accept. Only Sara can accept or reject Tom's offer.


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TESTE DEIN WISSEN
How quickly must a Licensee communicate an offer?
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TESTE DEIN WISSEN
A Licensee must PROMPTLY communicate a signed offer to acquire or dispose of real estate to the relevant party, unless otherwise told not to by the client.
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TESTE DEIN WISSEN
What is a Standing Offer?
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TESTE DEIN WISSEN
A Standing Offer is an offer made to the public at large. 

First person to accept can enforce the contract, unless Offer specifies more then one person can accept.
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TESTE DEIN WISSEN
What is an Invitation to Treat?
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TESTE DEIN WISSEN
An Invitation to Treat is a type of advertisement that invites offers.

An Invitation to Treat is not an offer capable of acceptance to form a contract. 
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TESTE DEIN WISSEN
When does an offer expire?
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TESTE DEIN WISSEN
Offers expire when:

  • A time limited offer
  • Rejection of offer
  • Counter offer made
  • No time limit but reasonable time has passed
  • The person whom made the offer communicates revocation of offer
  • Either party goes insane or dies
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Beispielhafte Karteikarten für deinen Chpt 10: The Law of Contract Kurs an der Sauder School of Business - von Kommilitonen auf StudySmarter erstellt!

Q:
What is a Contract if Purchase and Sale?
A:
A Contract of Purchase and Sale is a contract of purchase or sale of land which contains vendor obligations and purchaser obligations with respect to the Purchase and Sale of land.
Q:
What are the 2 types of contracts involved in real estate?
A:
The 2 types of contracts involved in real estate are:

1-   Agency Contracts-  listing contract or exclusive buyer agent contracts

2-  Contract of Purchase and Sale


Q:
How can a contract be ineffective in different ways?
A:
Depending on which missing essential element in a contract is absent has varying effects on the contract. 

Contracts  can be ineffective in 4 ways:

1-   Void
2-  Voidable
3-  Illegal
4-  Unenforceable 
Q:
What is a Void Contract?
A:
A Void Contract is one that was never existed, even if both parties want it to. 

Both parties are in the same position, as if Contract never attempted. If consideration was given it is repayable and no enforceable rights. 

For example, where  parties seek to make a contract in circumstances where thier is a mutual common mistake, thus resulting in a void contract.
Q:
What is an Illegal Contract?
A:
An Illegal Contract is a contract that goes against public policy, a statute, the law ( I.e., contract for murder or betting). 

If money is exchanged under an illegal contract, it may not be recoverable.

**Legality is an essential element of a contract.
Mehr Karteikarten anzeigen
Q:
What is a Voidable Contract?
A:
A Voidable Contract is a contract were one or both parties have the right to rescind/cancel/ repute the contract. 

Often a contract will layout the terms in which a contract can be canceled.
Q:
What is an Unenforceable Contract?
A:
An Unenforceable Contract is a contract that has the 7 essential elements of a valid contract but can not be sued upon/enforced for procedural reasons. 

For example, contracts regarding land require a written contract. Oral contracts are  unenforceable.
Q:
Must a contract me clear and unambiguous?
A:
Yes.
A contract must be clear and unambiguous terms. 

If a dispute arises, the court will find for what a reasonable person's interpretation would be. If 2 reasonable interpretations of the offer, then neither interpretation will be followed by the court.

An Offer can be made to one person or a group. Only the person(s) whom the offer was directly made to can accept.

For example, If Tom made an offer to Sara and Natalie walks by overhearing offer, Natalie can not accept. Only Sara can accept or reject Tom's offer.


Q:
How quickly must a Licensee communicate an offer?
A:
A Licensee must PROMPTLY communicate a signed offer to acquire or dispose of real estate to the relevant party, unless otherwise told not to by the client.
Q:
What is a Standing Offer?
A:
A Standing Offer is an offer made to the public at large. 

First person to accept can enforce the contract, unless Offer specifies more then one person can accept.
Q:
What is an Invitation to Treat?
A:
An Invitation to Treat is a type of advertisement that invites offers.

An Invitation to Treat is not an offer capable of acceptance to form a contract. 
Q:
When does an offer expire?
A:
Offers expire when:

  • A time limited offer
  • Rejection of offer
  • Counter offer made
  • No time limit but reasonable time has passed
  • The person whom made the offer communicates revocation of offer
  • Either party goes insane or dies
Chpt 10:   The Law of Contract

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