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Contract Law Overview

Promulgated Forms Chapter 1
Across
The transfer of one's legal rights to another party
A fair length of time, as determined by the court, for the performance of contractual obligations
Refraining from taking action
A contractual right that obligates the seller to sell but gives the buyer the unrestricted right to proceed or terminate within a defined time frame and at an agreed-upon price. To be valid in Texas, the buyer must deliver valuable consideration (money) to the seller and time is of the essence.
A person who has not reached the age of majority and, therefore, does not have legal capacity to transfer title to real property
Monetary damages to be paid by agreement of the parties in the contracts when a default occurs
A contractual agreement in which each party agrees to perform or forbear in exchange for the other party's promise to perform or forebear.
A revision or change to a contract
A contract that may be set aside at the sole option of one of the contracting parties
A legally competent and neutral party who is authorized by another to act in that individual's place as a fiduciary
The absence of something
A contract that has been fully performed
An act of deceit intended to cause someone to part with money or enter into a contract that the person would not have entered into if the decision had been based on truth and accurate information
Down
Nonperformance of the legal terms of a valid contract
The practice of one party canceling or terminating a contract, which has the effect of returning the parties to their original positions before the contract was made
The substitution of a new contract for an existing one or the substitution of a new party to an existing obligation
The initial and additional cash deposits tendered by the prospective buyer of real property to show good faith
A meeting of the minds between parties to a contract when no fraud, misrepresentations, or undue influence has been present in negotiations
A contract that was valid but, for a variety of possible reasons, may no longer be enforced
One who does not have the legal capacity to enter into a legally binding contract; a minor or one who is under the influence of alcohol or other mind-altering substances, or one who has been declared mentally incompetent by a court
Something of value given by one party in exchange for something of value from another; money for a promise, money for money, a promise for a promise
A property description that is of such certainty and accuracy that one can go to it and identify it
A contract that is in the process of being performed
A contract that requires one party to complete a performance before the other party is obligated to act
A party who has legal capacity to enter into a binding contract
An addition to a contract
An agreement that meets all the legal requirements of a contract