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Chapter 12 Real Estate Contracts

Across
Violation of any terms or conditions in a contract without legal excuse is called a _____ of contract
Has all legal elements
Substitution of a new contract for an existing one
A promise by the offeree to be bound by the exact terms proposed
Any provision added to an existing contract without altering the content of the original
In a ______contract both parties promise to do something
Appears to have all legal elements but cannot be enforced in court
Maryland's _____ requires all contracts to be in writing to be legally enforceable
Something remains to be done by one or more of the parties
An informal or oral contract
A predetermined amount of monies to compensate the nonbreaching party
An agreement to keep open for a set period, an offer to sell or purchase property
Is evidence of the buyer's intention to carry out the terms of the contract in good faith
Down
A one-sided contract
This type of contract meets all the elements of a valid contract, including compliance with any applicable statute of frauds
Has all legal elements on its face, but it may be rescinded
All promises have been fulfilled
An _____ is a promise made by one party, requesting something in exchange for that promise
_____ is a new offer, it rejects the original offer
A change to an existing content of a contract
Something of legal value offered by one party and accepted by another as an inducement to perform or to refrain from performing some act is called _____
Relevant information or facts that are known or should have been known
Returns the parties to their original pre-contract positions
Must have legal and mental capacity
Lacks one or more elements and has no legal force or effect