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The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of

Fynjy0 [20]

The amount of an earnest deposit is determined by:Agreement between the partiesThe term rescind means:CancelEvery real estate contract must have:Offer & AcceptanceBroker took listing and later found out client is legally incompetent. Listing is now:Of no value to broker, VOIDAfter buyer & seller sign sales contract, seller changes mind and defaults. Buyer sues seller to force contract. This is know as a suit for:Specific PerformanceOfferee has right to:reject offerStatue of Frauds states all contracts:must be in writing to be enforceableBroker receives earnest money on Tuesday.
Seller accepts offer on Thursday.
When does Broker need to deposit earnest money?By Friday in special non interest bearing trust account.Void contract:Not legally enforceable.Legal proceeding or legal action brought by either buyer or seller under a purchase contract to enforce the terms of the contract is known asSuit for specific performanceEssential elements of a contract do not need:notarized signaturesUpon receipt of offer to purchase property under certain conditions, seller makes counter offer, the buyer is:relieved of original offerBuyer defaulted some time ago on a written contract to purchase sellers real estate. Can seller sue for damages?Yes, if seller is not prohibited from doing so by statute of limitations.What is best evidence of buyers intention to carry out terms of contract?earnest money depositReal Estate Licensee may draft a contract:NEVER, licensee can only fill in blanks.An option:keeps an offer open for a specified time period.Prospective buyer makes a written purchase offer that the seller accepts, then:buyer receives equitable title to the propertyBilateral contract:promise for a promiseLaw that requires real estate contracts to be in writing to be enforceable:Statute of FraudsOwner takes property off market for definite period of time in exchange for some consideration, but grants right to purchase property within that period for a state price this is calledOptionBreach of contract is a refusal or failure to comply with terms of contract, buyer may:Sue seller for specific performance
Rescind contract and recover earnest money
Sue seller for damagesTo assign a contract for the sale of real estate means to:transfer ones rights under the contractBroker gets offer to purchase, seller out of town, broker must:wait to obtain the signature of the seller to effect the contractIn option to purchase real estate, optionee:has no obligation to purchase the propertyBuyer has right to revoke offer at any time and recover earnest money until:offer is acceptedSeller said empty lot soil was firm enough to support new construction, seller knew building would probably sink. Contract is:Voidable by buyer because of fraud.Contract agreed to under duress:VOIDABLEContract becomes valid when:both buyer and seller signRevocation of offer before acceptance, death of offeror before acceptance, counteroffer by offeree:terminate offerBroker deposits earnest money int trust account. When can seller receive it?At time of settlementWhat is the status of an option contract that has been exercised?BilateralDestruction of the premises would:terminate sales contractIL deed or contract executed on Sunday or legal holiday is:VALID and enforceableHow must real estate contracts be headed under IL law?REAL ESTATE SALES CONTRACT
Bigger font than rest of contractBoth parties sign sales contract. Three days before closing tornado destroys property. Under IL law:Seller cannot enforce contract and must return all earnest money to the buyer.

3 0

3 years ago

22. Communication that takes place between a manager and employees of other workgroups is called ………… communication.

garri49 [273]

Answer:

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3 0

4 years ago

Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Food

Alexxandr [17]

Answer:

D)fraud

Explanation:

From the question, we are informed about Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds,. In this case, Olive might rely on traditional notions of a fraud. Fraud can be regarded as an act of deception which is intentional to deprive those that fall for it their legal right. It is activities that gives the perpetrator an unlawful gain or to deny a victim their right. It is carried out by people to get financial or personal gain in an unlawful manner. Some types of fraud that are common are are tax fraud, bankruptcy fraud. as well as credit card fraud,

5 0

3 years ago

What’s the primary benefit of being prequalified for a mortgage?

BaLLatris [955]

Saving time and possibly money. Once you’re prequalified, you know which homes you can afford and won’t waste your time viewing homes that are out of your price range.

3 0

3 years ago

he objective of the transportation problem is toa.minimize the cost of shipping products from several origins to several destina

s2008m [1.1K]

Answer:

The objective of the transportation problem is to minimize the cost of shipping products from several origins to several destinations

Explanation:

Transportation problem is a problem which applies linear programming rules to determine the cheapest costs of fulfilling orders from different origins to different Drop points/destinations.

The product could originate from a plant, a warehouse or a 3rd party. And the destination could also be another Plant, a Market, a supermarket, a Warehouse, a store, or a 3rd party.

4 0

3 years ago