Real Estate Practice Exams
Terms
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- If the subject matter (house) is offered but then destroyed by casualty (fire,etc) there is no contract due to destruction it is called
- Subject Matter Loss
- (Intentional) misrepresentation by either party invalidates mutual consent - making false statements, which they know are false - relied upon by the victim and causes victim damage is called
- Fraud
- (Intentional) An agent can be held liable if he/she does not disclose a material fact it is called
- Misrepresentation
- Statements of opinion is called - ex. "this neighborhood is the best one!"
- Puffing
- this can invalidate a contract
- Mutual Mistake
- use of force and will invalidate a contract as there is no "voluntary" consent is called
- Duress
- the "threat" of use of force will also invalidate is called
- Menace
- the use of "unfair advantage" to get a contract - blackmail, influence of drugs or alcohol
- Undue Influence
- "Substitution of Contract" - mutual consent
- Novation
- "Substitution of Parties"
- Assignment