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or modification made in accordance with its terms (together the Contra t"). 1.TERMS ... D This form jointly approved by: ? El STANDARD IFORM 2T. R North...
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An agent must have a working knowledge of contract law because every aspect of the business deals with the contract is an oral and written agreement to do or not to do a certain thing many oral contracts are valid and enforceable however most contracts involving real estate must be in writing to be enforceable the statute of frauds determines the documents that must be in writing to be enforceable in most states real estate documents such as sales contract deeds and mortgages must be in writing some states allow an oral listing for less than one year but in order to be compensated a brokerage firm needs an employment contract in writing to collect compensation therefore it is an agent's best interest to have a written listing agreement when the phrase time is of the essence is written in a contract it means that everything must be done within a specific time and as is clause in a contract means the buyer is by the property as he sees it with all the existing conditions now the seller is still bound to disclose all property defects, but they are not required to make repairs an assignment is the transfer of contract rights from one party to another this could be the right of a transfer right title or interest in a property the contract is assignable unless the contractor state law forbids it personal service contracts are usually not assignable the party Granter in the contract is called the assign or the party receiving the contract is called the assignee an assignment does not relieve the assign or for liability unless innovation has been granted Novation is the substitution of one contract for another and releases liability just remember Nova is Latin for new hence Novation a new contract a liquidated damage clause is a contractual provision that determines in advance the measure of damages if a party breaches the agreement in a sales contract that earnest money deposit may be considered liquidated damages if the parties so agree that is if the buyer breaches the agreement the seller may keep the earnest money so Pacific performances a court action to force the completion of a contract for example if all requirements of contract law have been met and the seller refuses to sell the property the buyer may sue for specific performance brokers do not sue for specific performance the rescission of a contract occurs when there's an agreement between the contracting parties to waive all remaining duties and to terminate the contract in essence it would be returning the party to the same legal position they were in before entering into the contract