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12 Cards in this Set
- Front
- Back
There are many legal remedies when a contract is
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Breached (default)
partial performance, terminate by mutual agreement and/or stronger legal remedies |
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Texas RE Sales Contract remedies are
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Liquidated Damages, Specific Performance and Sue for Actual / Economic Damages
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When "damages" are agreed to in advance and would be "earnest money" as related to the RE Sales Contract is
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Liquidated Damages
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The contract is cancelled it is called
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Recission
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The receipt of earnest money "restores" the other party back to their original position is called
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Restitution
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This approach allows one party to "force" the other party to perform based on the terms of the contract is called
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Specific Performance
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The law or set of laws that require contracts to be in writing is called the
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Statute of Frauds
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Buyer must compensate his or her agent whenever purchasing a property described w/in the designated contract period
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Exclusive Right Agreement
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Buyer's agent is assured of buyer loyalty relative to any other agents - however buyer may purchase w/o assistance from agent and thus w/o any compensation due to buyer's agent
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Exclusive Agreement
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Buyer can work w/ more than one buyer's agent at the same time but owes compensation only if the buyer uses the services of a buyer's broker - Procuring Cause
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Open Agreement
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All listing and buyer agency agreements are between
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broker and client
-not salesperson- |
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Contract by which the owner (optionor) gives the prospective buyer (optionee) the right to buy at a fixed price w/in a period of time (time is of the essence) - optionee pays the fee for this right and assumes no obligation to make any other payment until optionee decides to either exercise the option right or allow the option to expire is called an
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Option Agreement
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