Law of Contracts Level 6 actual damages (Ans- monetary compensation given to an injured party for losses that were a result of the actions or omissions of another party
breach of contract (Ans- occurs when the terms or conditions of a contract have been violated
competent (Ans- the mental capacity of an individual to participate in legal proceedings or transactions
Contract (Ans- an agreement with two or more parties by which one party will receive consideration and the other will either perform an act or refrain from performing an act
contract for deed (Ans- an agreement between the seller and buyer for the sale of real estate wherein the seller holds the legal title to the property until it is paid in full
discharge (Ans- the termination of an agreement or contract, such as a lease
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estate at will (Ans- when a tenant is occupying a property with the landlord's knowledge and consent, but without a formal lease agreement
eviction (Ans- the process by which a tenant is expelled from a property
Exclusive agency listing (Ans- a listing agreement in which the owner retains the right to sell the property themselves without paying a commission, or the commission will be paid to the named broker if the broker or any other party sells the property
exclusive right to sell agreement (Ans- a listing agreement which gives the agent the sole right to sell the property and guarantees that the broker receives a commission if the property is sold, even if the seller brings the buyer themselves
executed contract (Ans- a contract in which all terms have been fulfilled by all parties
executory contract (Ans- a contract that is not completely executed or performed
exemplary damages (Ans- fines used to punish the breaching party
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