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Vocab # 5

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Services for Real Estate Pros with Sheila Real Estate Student

Vocabulary #5

 

1. Offer & Acceptance: The act of agreeing to accept an offer.

Example: Abel offers property for sale, Baker makes an offer to but the property for a specified price. Upon Abel's acceptance a sale contracts is complete.

 

2. Contingencies: Any and all condition must be clearly stated in the deposit receipt. Like what most occur to fulfill the condition, and it should explain how one party is to notify the other when the condition has been fulfilled or waived. There should also be a time limited placed on the condition.

Example: If the condition is not fulfilled by Jan.1 2008 the contract is void. Also the contingencies clause should explain the parties rights in the event that the conditions is not met or waived.

3. Bilateral Contract: A contract under which each party promises performance.

Example: a states contract is a bilateral contract, since the seller promises to convey a property and the buyer agrees to pay a specified sum, giving certain conditions.

4. Impossibility of Performance: Could not fine this would.

I could only fine the word performance. The definition is

In contract law, the completion of duties and obligations specified in a CONTRACT.

Example: Patty the tenant and Bruce, the landlord, agree upon the terms of the lease. The lease expired after the performance of the parties.

Comments (5)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Sheila,

People on AR feel often uneasy when they are dealing with anonymous person. Better say when there is not photo. They feel that in the era of digital cameras is it not a difficult task, and these blank images make them (and me) think twice before reading.

No critique, just hope you would understand this. I made a promise some time ago never to respond to posts with blank image. As you see, I am breaking the rule, but I hope you would understand.

Mar 26, 2008 05:09 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Hi Sheila:  First of all, Welcome to Active Rain.  Now... the apology.  I am so sorry nobody has even taken the time to comment on your last two blog posts.  How are your classes going ?  Active Rain can be a great place to learn so much about Real Estate.

If there is any way you could upload a picture of yourself to your profile, it might help build some credibility, and might bring some people to make comments.  Here is a link to some helpful things you might want to read... being an Active Rain newbie.  Blog - NEW MEMBERS - Start Here .  If you need any help with anything, please email me.  Take care, and once again, welcome to Active Rain.   Karen Anne

Mar 26, 2008 05:12 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate
Sheila:  For your number 4 above, the Impossibility of Performance , that would mean that one of the parties who sign the contract, and in doing so, obligated themselves to performing the things stated in the contract, becomes for some reason unable to perform those things. 
Mar 26, 2008 05:15 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate
Jon:  Sheila is a student enrolled in Principles of Real Estate 101 at a Trade School in LA.  Don't be too hard on her.  :)
Mar 26, 2008 05:17 PM
Find a Notary Public needAnotary
QEC Internet Services - Long Beach, CA

Shelia,

By George you have it!  What a few moments of small group time will do. Keep up your good works and efforts.

We'll cover uploading files and attachments in our class on April 5th.  Until them continue with your outstanding performance.

Your Instructor and Mentor 

Mr. Willis 

PS: Karen thanks for your encouraging comments to my student 

 

Mar 27, 2008 05:03 AM