Acceptance, The unconditional agreement to all terms of an offer, communicated by the person receiving the offer. In a real estate contract, acceptance generally must be communicated as required by the offer to create a binding agreement., Acknowledgment, A formal declaration made before a notary public or other authorized official confirming that a person voluntarily signed a document. Commonly required for recording deeds and other legal instruments., Actual Notice, Direct knowledge of a fact obtained through personal observation, communication, or information actually received, such as being told that a property has an existing easement., Affirmation, A solemn declaration that a statement is true, made instead of taking an oath, and carrying the same legal responsibility for truthfulness., Assignment, The transfer of contractual rights or interests from one party (assignor) to another (assignee). Assigning rights does not automatically release the original party from contractual obligations., Bilateral Contract, A contract in which both parties exchange legally enforceable promises. For example, a buyer promises to pay the purchase price, and a seller promises to transfer ownership of the property., Breach of Contract, The failure of a party to fulfill a contractual duty without a legally recognized excuse, such as a buyer failing to complete a purchase or a seller refusing to transfer title as agreed., Consideration, Something of legal value exchanged between parties that supports a contract, such as money, property, services, or legally binding promises. In a real estate sale, the purchase price is consideration., Discharge of Contract, The termination of contractual obligations through performance, mutual agreement, breach with an appropriate remedy, impossibility, or operation of law., Duress, Wrongful threats or coercion used to force a person into an agreement against their free will, potentially making the contract voidable., Electronic Signature and Paperless Transactions, The use of electronic records and signatures to create and execute legally binding agreements. Federal and state laws generally recognize electronic signatures when applicable requirements are satisfied., Expressed Contract, A contract whose terms are explicitly stated by the parties, either orally or in writing, rather than inferred from their conduct. Also called an express contract., Executed Contract, A contract in which all parties have fully performed their required obligations. In real estate, signing a contract alone does not necessarily mean it has been fully executed in this sense., Executory Contract, A valid contract in which one or more parties still have obligations to perform, such as a real estate purchase agreement awaiting closing., Exemplary Damages, Money awarded by a court to punish particularly wrongful conduct and discourage similar behavior, rather than simply compensate for financial loss. Also called punitive damages., Fraud, An intentional misrepresentation or concealment of a material fact made to deceive another person and induce reliance, resulting in harm. For example, knowingly hiding serious foundation damage from a buyer., Implied Contract, A contract established through the actions or conduct of the parties rather than explicitly stated words. Their behavior demonstrates an intention to enter an agreement., Impossibility of Performance, A legal doctrine that may excuse contractual performance when an unforeseen event makes the required performance objectively impossible, such as destruction of a unique property before closing without fault of the parties., Incapacity, The legal inability to enter a binding contract due to factors such as being a minor, lacking sufficient mental capacity, or, in some circumstances, severe intoxication., Liquidated Damages, An amount of compensation agreed upon in advance that a party must pay for a specified breach of contract, provided the amount is legally enforceable and is not an unlawful penalty., Misrepresentation, A false or misleading statement of material fact that induces another person to enter a contract. It may be intentional, negligent, or innocent, depending on the circumstances., Mistake, A mistake is an incorrect belief about an important fact when entering a contract, which may provide grounds for relief in certain circumstances., Mutual Agreement, A meeting of the minds in which parties agree to the essential terms of a contract through a valid offer and acceptance. Mutual agreement is also called mutual assent., Novation, An agreement in which a new contract or party replaces an existing obligation or party, with the consent of the necessary parties and the release of the original obligation or replaced party., Operation of Law, A legal result that occurs automatically through the application of law rather than the parties' agreement, such as certain contractual obligations ending through bankruptcy, expiration of a legal time limit, or other legal circumstances., Option, A contract giving one party the exclusive right, but not the obligation, to purchase or lease property at specified terms within a set period. The optionor is generally bound to keep the offer available during that period., Optionee, The person who receives the contractual right, but not the obligation, to purchase or lease property under the terms of an option agreement., Optioner, The property owner or other party who grants an optionee the right to purchase or lease property under specified terms within an agreed period., Specific Performance, A legal remedy in which a court orders a party to fulfill contractual obligations rather than simply pay monetary damages, such as requiring a seller to complete the sale of a unique property., Statue of Frauds, A law requiring certain agreements, including contracts for the sale of real estate, to be supported by a written document or memorandum signed by the party against whom enforcement is sought., Undue Influence, The improper use of a position of trust, authority, or influence to overpower another person's independent judgment and unfairly persuade them to enter a contract., Unenforceable, Describes an agreement that may otherwise be valid but cannot be enforced through the courts because of a legal barrier, such as failure to satisfy an applicable writing requirement or expiration of the statute of limitations., Unilateral Contract, A contract in which one party makes a promise that can be accepted through performance of a specified act rather than through a return promise, such as an offer to pay a reward for finding lost property., Valid Contract, A legally binding agreement that satisfies the required elements of contract formation, including offer and acceptance, consideration, capacity, and lawful purpose, along with any applicable form requirements., Vicarious Liability, Legal responsibility imposed on one person or organization for the wrongful acts of another because of their relationship, such as a brokerage potentially being liable for an agent's actions within the scope of agency., Void Contract, An agreement that has no legal force or effect from the beginning and cannot be enforced as a valid contract, such as an agreement involving an illegal purpose., Voidable Contract, A contract that is legally effective unless a party with the legal right to cancel it chooses to do so, such as certain agreements entered into because of fraud, duress, or incapacity., Negligent Misrepresentation, A false statement of material fact made without reasonable care to verify its accuracy, causing another person to rely on the information and suffer harm. Unlike fraud, negligent misrepresentation does not require intentional deception., Mutual Rescission, The cancellation of a contract by agreement of all parties involved, releasing them from further contractual obligations and, when applicable, returning them to their original positions before the contract was formed.

Module Seven: Contracts

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