Real Estate License Essays
Real Estate Principles
Examples of contracts:
Valid contract: A homeowner (who is over the age of 18 and of sound mind) signed a contract with the appliance store to buy a refrigerator. The homeowner pays for the refrigerator and the appliance store presents the refrigerator for the homeowner to take home.
Void contract: Contract that was between an illegal drug dealer and an illegal drug supplier to purchase a specified amount of drugs for a specified amount. Either one of the parties could void the contract since there is no lawful objective and hence missing one of the elements of a valid contract.
Voidable contract: A contract entered into with a minor could be voidable. Reasons that can make a contract voidable include failure by one or both parties to disclose a material fact; a mistake, misrepresentation or fraud; undue influence or duress; one party's legal incapacity to enter a contract; one or more terms that are unconscionable; or a breach of contract.
Unenforceable contract: Bill bought a property from Harry through a written contract for sale. Seven years after the purchase Harry wanted to claim that the contract was unenforceable. The statute of limitations for written contracts in Oregon is six years and Harry would not be able to challenge the contract.
Express contact: Where a landlord presents “A” with a preprinted lease on the apartment that “A” wants and if he agrees to the terms and signs it.
Implied contract: Ordering a burger at a restaurant- there is an implied contract that the restaurant will fill your order (i.e. serve you whatever you order) and its implied that you pay for that.
Unilateral contract: reward contract. Pretend you've lost your dog. You place an advertisement in the newspaper or online offering a $100 reward to the person who returns your missing pooch. By offering the reward, you're offering a unilateral contract.
Bilateral contract: Order a meal at a restaurant; receive treatment from your doctor or even checkout a
Examples of contracts:
Valid contract: A homeowner (who is over the age of 18 and of sound mind) signed a contract with the appliance store to buy a refrigerator. The homeowner pays for the refrigerator and the appliance store presents the refrigerator for the homeowner to take home.
Void contract: Contract that was between an illegal drug dealer and an illegal drug supplier to purchase a specified amount of drugs for a specified amount. Either one of the parties could void the contract since there is no lawful objective and hence missing one of the elements of a valid contract.
Voidable contract: A contract entered into with a minor could be voidable. Reasons that can make a contract voidable include failure by one or both parties to disclose a material fact; a mistake, misrepresentation or fraud; undue influence or duress; one party's legal incapacity to enter a contract; one or more terms that are unconscionable; or a breach of contract.
Unenforceable contract: Bill bought a property from Harry through a written contract for sale. Seven years after the purchase Harry wanted to claim that the contract was unenforceable. The statute of limitations for written contracts in Oregon is six years and Harry would not be able to challenge the contract.
Express contact: Where a landlord presents “A” with a preprinted lease on the apartment that “A” wants and if he agrees to the terms and signs it.
Implied contract: Ordering a burger at a restaurant- there is an implied contract that the restaurant will fill your order (i.e. serve you whatever you order) and its implied that you pay for that.
Unilateral contract: reward contract. Pretend you've lost your dog. You place an advertisement in the newspaper or online offering a $100 reward to the person who returns your missing pooch. By offering the reward, you're offering a unilateral contract.
Bilateral contract: Order a meal at a restaurant; receive treatment from your doctor or even checkout a