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Barney Fletcher Ch.3 Questions with 100% Correct Answers

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Barney Fletcher Ch.3 Questions with 100% Correct Answers

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Barney Fletcher Ch.3 Questions with 100%
Correct Answers
Contract

a legally enforceable agreement between two or more parties

Essential Elements of a Valid Contract

1. Competent parties

2. Offer and Acceptance

3. Agreement for a lawful purpose

4. Legal Consideration

Bilateral Contract

Promise for a promise

Unilateral Contract

Promise for an act

Executory Contract

Not fully composed

Executed Contract

Completely performed

Express Contract

Written or spoken

Implied Contract

Created by actions

, A contracted can be terminated by...

1. performance

2. Mutual agreement

3. Breach

4. Operation of law

Agency is created when?

one person authorizes another to represent them

Principal=

The client

Escrow

money or documents held by a neutral 3rd party until all contract conditions are met

Qualifying Broker

Response;e for the brokerage

(supervises salespersons)

Associate Broker

Licensed broker working under another broker

Salesperson

Must work under a broker

Independent Contactor

most salespersons

Trust Account

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