Chapter 6 Review

An agreement between two or more parties that create an obligation

• Promise
• Contract
• Understanding

The party who makes an offer to form a contract

• oferee

• negotiator
• offeror

the party to whom an offer is made

• offeror
• contractor
• offeree

an agreement to enter into a contract that is evidenced by words or conduct between the parties

• Contract
• Proposal
• genuine assent

what a person demands and generally must receive in order to make his or her promise legally binding

• Obligation
• Promise
• Consideration

the ability to understand the terms of a contract

• negotiability

• Causation

• Capacity

What are essential terms of a real estate contract?

• Proper legal description of the real estate

• Price

• Full terms for Payment

• Date for delivery of possession

• Date for delivery of the deed

Agreements must be in writing to be enforceable in court

• True

• False

Withdrawing an offer before it is accepted

• Revocation

• Nevermind

• Correction

offeree’s response to an offer which modifies it

• Acceptance
• Counteroffer
• Correction