![]() ![]() A breach of contract occurs when a party fails to abide by its contractual obligations. Like other types of contracts, it is possible to breach a real estate contract. In addition, a rental or lease of property is a contractual relationship between a landlord and a tenant. You must sign a real estate contract when you buy or sell a property. In determining whether or not the parties intended to enter into a contract, the courts use the _theory of contract Interpretation.Contracts govern a wide variety of situations involving real estate. partial performance of the contract by one of the parties ģ0. a memorandum setting forth the terms of the agreement Ĭ. The following are recognized exceptions to the Statute of Frauds:Ī. contracts that cannot be performed within a year Ģ9. contracts transferring any interest In real estate Ĭ. contracts in contemplation of marriage ī. The following contracts must be in writing to be enforceable:Ī. that the contract was barred by the statute of limitations.Ģ8. that the uncle's promise to pay was sufficiently supported by consideration and was enforceable ĭ. that the contract did not have a legal purpose Ĭ. the contract was unenforceable because the nephew was a minor ī. In Hamer v Sidway, the court ruled that:Ī. that the seller (Zehmer) was not sufficiently intoxicated to prevent him from having the capacity to contract Ģ7. that Zehmer's intoxication prevented him from being able to agree to a contract ī that intoxication rendered the contract Illegal Ĭ. In the case of Lucy v Zehmer, regarding the issue of intoxication, the court concluded:Ī. the contract must Involve real estate Ģ6. the offer must be communicated to the other party to the contract Ĭ. For an offer to be valid, the offeror must have serious Intention to be bound by the terms of the contract, the terms must be reasonably definite or certain and:ī. Two parties have entered into a contract and performance has begun but has not been completed. A contract to commit a crime is an example of a(n):ģ5. If both parties to a contract are under a legal obligation to perform pursuant to the terms of the contract, the parties have entered into a:ģ4. A promise is deemed supported by adequate consideration if the person making thepromise:ģ3. ![]() The "meeting of the minds" concerns this element of a contract:ģ2. Any breach of contract entitles the non-breaching party to the contract to:ģ1. A party to a contract is entitled to insist on _performance of the other party's obligations under the contract.Ĥ5. A possible future event which triggers the performance of an obligation is a:Ĥ4. the right to receive payment of funds Ĥ3. a contract which Is prohibited by statute from being transferred Ĭ. This right can virtually always be transferred to a third party.ī. In a contracts, when rights under a contract are transferred to a third party, this is known as a:Ĥ2. A party has entered to a contract only after being the victim of a violent threat. Since I believe I have sold one vehicle and Johnson believes she has agreed to buy a different vehicle, this is an example of a:Ĥ0. She accepts, thinking she is making an offer for a 2016 SUV in decent shape, but I believe she has just agreed she has offered to buy a 1997 sedan which is not running. I offer to sell "my car" to Johnson for $1,000. The age of majority for entering into contracts is:ģ9. never examines adequacy of consideration.ģ8. only examines consideration If one of the parties is a minor.ĭ. only looks at adequacy of consideration If the consideration is grossly insufficientĬ. always makes sure that there Is adequate consideration ī. Regarding adequacy of consideration, a Court:Ī. This type of remedy is commonly given when a seller refuses to sell real estate pursuant to a valid contract where they are obligated to do soģ7. Regarding third party beneficiary contracts, _beneficiaries can enforce a contract, while _beneficiaries cannot.ĥ0. the seller's lost profits on the sale, together with any incidental costs Ĥ9. When a buyer agrees to purchase goods, and then breaches the contract to purchase the goods, the measure of damages are generally:ī. Injunctions, orders for rescission, and an order for specific performance of a contract are examples of _remedies.Ĥ8. A clause in a contract which states the amount of damages In the event one party breaches is a_damages provision.Ĥ7. ![]()
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