Louisiana 45-Hour Salesperson Post-License Course Correct 100%(RATED A+)

Obligation - ANSWER A legal relationship in which a person (the obligor) becomes bound to perform in another person's (the obligee's) favor Contract - ANSWER An agreement between two or more parties that creates, modifies, or extinguishes obligation(s) Synallagmatic/bilateral contract - ANSWER A contract that obligates both parties Unilateral contract: A contract that only obligates one party Onerous contract: - ANSWER A contract in which each party obtains an advantage in exchange for what he or she provides Gratuitous contract: - ANSWER A contract in which one party is obligated to do something for the other's benefit, but doesn't receive anything in return Commutative contract: - ANSWER A contract in which each party's performance depends on the other party's performance Aleatory contract - ANSWER A contract in which performance depends on an uncertain event Accessory contract: - ANSWER A contract that's made to provide security for the performance of an obligation Contract of sale - ANSWER The instrument of conveyance that transfers title Contract to sell - ANSWER A purchase agreement; obligates one party to another party A real estate sales contract is an example of which three of these types of contracts? - ANSWER Synallagmatic, Commutative, Onerous Error: - ANSWER Error, or mutual mistake, occurs when both parties to a contract are mistaken about the same material fact. Fraud: - ANSWER Fraud occurs when there's an intentional false representation of a material fact (by words, conduct, or concealment). Its purpose is to deceive another.