Oregon Real Estate Questions and Answers(A+ Solution guide)

"to wit" - The legal description of the property 4 elements required for a contract - *Competent Parties *Legal (or lawful) object or purpose *Agreement between the parties (offer & acceptance) *Consideration Arbitration - A third party arbitrarion serves as a judge, hearing both parties and making a decision which is binding on the parties. Asbestos - Used in architecture and construction applications begore being banned in buildings construction in the U.S. in 1978 Bilateral Contract - When each party makes a promise, each party is equaly obligated to perform. Failure by either party to perform is a breach of contract Breach - A party to a contract fails to perform, he is said to default or Breach the contract. When the breach offurs, the injured party can make use of certain legal remedies. Capacity to Contract - Needed for an enforceable contract. Certificate of exemption - Subdivider or series partitioner may request an exemption from the public report by filinf with the Agency a request to obtain a Certificate of exemption prior to sale. Coercion or Durees - Forcing a person to do something against his will, including using threats to force a person to do something.Collection Escrow - Escrown encludes: copy of title, original sales contract or and executed copy, commitment to give a partial release for the lot, parvel or other interest being sold for the terms and provisions of any blanket encumberance, warrenty or bargain and sale deed conveying marketable title Compensatory damages - A amount determined by a court or arbitrator to cover the actual amount of the loss suffered as a result of the breach.