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.
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