Oregon Real Estate Terms (CORRECTLY SOLVED)

Ratification correct answers the confirmation of an act already preformed on behalf of another person without prior authorization. Commingling correct answers To mingle or mix funds, illegal Conversion correct answers Mishandling client funds Option correct answers unilateral real estate agreement executory contract correct answers contract that is to be performed. Recission correct answers legal remedy of canceling a contract and retoring the parties to their orginal position. Consideration correct answers something of value or mutual promises or a forbearance to act legality of object. correct answers The requirement that a contract must not be for an illegal purpose or against public policy a performance bond. correct answers A contract to indemnify injured parties upon the failure of another to complete a particular act Caveat emptor correct answers Buyer beware Certain contracts are required to be in writing because of the correct answers Statute of Frauds specific performance correct answers A legal procedure brought by either buyer or seller to enforce the terms of a real estate contract. et al correct answers and others novation correct answers Subsitution of new contract between same or different parties In the rectangular survey method, units of one square mile are called correct answers sections If a 160-acre parcel of land is square, the length of one side would be correct answers 1/2 mile exclusive agency listing correct answers client reserves the right to pay the broker no commission if the client should sell the property on his/his own. offeror correct answers party that makes offer offeree correct answers a person or entity to whom an offer to enter into a contract is made by another (the offeror)