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level: Real Estate Contracts

Questions and Answers List

level questions: Real Estate Contracts

Question	Answer
a legally binding and enforcable agreement to do or not to do a specific thing	Contract
part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises	Performance Agreement
part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform	Forbearance Agreement
an agreement in which both parties give consideration and promise to perform the actions specified in a contract	Bilateral Contract
an agreement in which one party promises to perform and the other party accepts this promise, requiring only one party to act	Unilateral Contract
a contract in which all terms have been fulfilled by all parties	Executed Contract
a contract that is not completely executed or performed	Executory Contract
documents containing additional terms, information, or obligations that are attached to a contract	Addenda
a legal concept stating that the court can only consider information that appears within the four corners of the documents	Four Corners Doctrine
a law which requires certain types of contracts to be in writing and to be signed by all parties who are bound by the contract	Statute of Frauds
a legal term that states that if the important details of an agreement were discussed but fail to make it into the written contract, the written and signed contract is given authority over any word of mouth	Parol Evidence Rule
this occurs when one or more of the contracting parties perform only a portion of the agreed-upon contractual duties	Partial Performance
occurs when a party performs the majority of the contract’s requirements but does not perform according to the contract’s stipulations	Substantial Performance
stipulations or conditions that must be satisfied before the contract can be performed	Contingencies
the transference of obligations in a contract from one party to another	Assignment
the act of replacing an existing contract with a new, modified one	Novation