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| Express Agreements between two or more parties who agree to do or not to do some act. |
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| Something of value exchanged that the party receiving it deems sufficient but actual worth is not important. |
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| an innocent misstatement of fact without intent to deceive |
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| Intentional deception in which injured party has loss |
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| A mixture of fraud and force by taking unfair advantage of another because of the relationship of the parties |
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| unlawfully forcing someone to do something (sign) againt their will |
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| contains all essential elements and by its terms is legally binding on all parties |
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| Has forms and words of a contract but is not legally binding by its terms; EX: a contract to commit an illegal act |
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| Under 18 yrs, mentally incompetent or intoxicated. Party is not legally competent: lacks capacity and contractual ability. (Fraud or Duress) may seek court order to void contract |
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| One party promises to do something upon the completed act of another which is not promised absolutely to occur. (Seller promises to pay a commission to broker IF agent manages to sell the property. |
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| Two parites simultaneously exchange promises, as when seller promises to sell and buyer promises to buy. (Purchase and Sales Agreement) |
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| Signed agreement, but not yet closed |
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| A contract is closed. When deed is delivered, the provisions of P&S (sales contract) merge into deed. |
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| A party may transfer his rights to another party. Old party = assignor. New = assignee. |
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| a written power of attorney creates an attorney-in-fact has authorization to sign a contract of behalf of one of the parties. |
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| Any changes to the contract. signnitures of initials to changed conditions on sales contract. |
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| Tenent leaves without permission before lease expires. |
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| indication by signiture of offeree that he is willing to be bound by the terms of offer from offerer |
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| Legal action originated by lessor where tenent is ousted by result of court order |
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| rents, insurance, fuel, taxes ETC. apportioned or prorated between buyer and seller at closing of title |
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| a sworn statement; written oath such as acknowledgment |
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| a solemn declaration; non-religious oath (verbal) |
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| a bilateral contract whereby buyer promises to buy and seller promises to sell by exacution and delivery of deed; also known as Purchase and Sale Agreement. Agreement=Contract |
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| Deposit or earnest money given as evidence of good faith by buyer to secure property until sale is consumated; in insurance, it is memorandum of temporary coverage at passing of papers until formal policy is issued later |
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| In good faith and without fraud |
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| Default or violation of terms of contract |
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| investments of cash for improvements to remain competitive in a business (roof) |
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| profit after principal and interest are deducted from net operating income (NOI) |
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| agreement between parties to defraud another |
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| Conditional Sales Contract |
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| a contract in which owner retains title until buyer has met all terms and conditions. Also called land contract or installment contract. aquires equitable title and until final payment; delivery of deed, buyer has "legal title" |
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| estimated monetary damages for breach of contract |
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| non-performance of duty under a contract |
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| deposit or binder given with Agreement to Buy |
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| Legal Action to regain possession of realty with damages payable for its unlawful retention. |
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| the depriving of a person's possession of realty |
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| legal action to recover possession of premiese unlawfully held |
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| loss of money or anything of value due to failure to perform according to terms of contract |
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| intentional deception in which injured party has loss |
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| (one big. owner receives rent and pays out expenses such as in apartment leasing. net lease ; owner receives rent and tenant also pays out expenses normally paid by owner such as taxes etc... |
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| an order of court to restrain one or more parties to a suit from doing an inequitable or unjust act in regard to the rights of some other party to the suit. ;stop doing something; |
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| a formal written document |
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| contract between lessor [landlord] and lessee [tenant] for exclusive possession of realty for specified period under specific terms after which property reverts to lessor |
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| the purchase of improved property and the leasing it back to seller; creates capital and favored tax treatment for seller |
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| the interest which a lessee has in realty |
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| an offer and acceptance; an agreement in contract |
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| also known as the net operating income [n.o.i]; effective gross income minus operating expenses and property taxes |
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| something of value bearing no relation to real value $1 |
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| substitution of old obligation for a new one |
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| statement of intent by offerer; ACCEPTANCE: statement of intent to accept offer by offeree |
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| a contract between owner and potential buyer ot lessee to buy or lease in future at specified terms; optionee gives consideration (no obligation] |
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| oral; as distinguished from written |
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| a lease contract in which rental is based on a percentage of gross sales; usually with a fixed income |
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| written instrument authorizing another to act in his\her place; person given power is attorney-in-fact |
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| on first view; on face of it; an odvious fact |
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| agreement to a contract must be free from fraud, duress, undue influence, and misrepresentation |
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| annulling or abrogation of contract by mutual consent. (agree both parties to cancel contract] |
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| money of tenand deposited with landlord to offset damages beyond reasonable wear and tear done by tenant |
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| money set aside from property income which, with accrued interest, will eventually pay for replacement of improvements |
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| court decision ordering one party to comply with terms of contract |
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| one who guarantees performance of another |
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| right of owner or tenant to possession without interference |
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| a tenancy arising when tenant remains in possession after lease expires and without owner's permission |
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| a tenancy which is subject to termination at will of either landlord or tenant |
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| exact and punctual performance of contract |
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