Promulgated Contracts- Aceable Agent Exam

Contract - Answer- A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract - Answer- A contract that has been approved and is required to be used by license holders Legally Competent - Answer- an individual that has reached the age of majority (18 years of age) and has not been declared mentally incompetent by a judge Void Contract - Answer- the contract has no legal effect Voidable Contract - Answer- one or more of the parties has the authority to rescind the contract Valid Contract - Answer- legal agreement meeting all the essential, basic requirements of the law Unenforceable Contract - Answer- A contract that cannot be enforced by the courts Executory Contract - Answer- A contract that is not completely executed or performed Executed Contract - Answer- A contract in which all terms have been fulfilled by all parties Bilateral Contract - Answer- A contract in which one party must promise to do something for another party and that party must promise to do something for the first party Unilateral Contract - Answer- A contract made between two or more parties in which only one of those parties makes a promise or otherwise accepts an obligation Addenda - Answer- materials added to and included in the initial contract that provide more information on the transaction Amendment - Answer- tems that are attached to the original document and should never be changed after the document has been signed and accepted Performance - Answer- the responsibility of all the parties to carry out their part of a contract QuitClaim Deed - Answer- transfers ownership of whatever the grantor owns but make no guarantee of ownership and no promise to defend Novation - Answer- the substitution of a new contract for an existing contract, relieves the original party of liability