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Contracts by Mind Map: Contracts

1. To do or not do something

1.1. Bilateral Contract

1.1.1. Promise for a Promise

1.2. Unilateral Contract

1.2.1. Promise for an Act

1.3. Non-illusory Contract

1.3.1. The offer must be “non-illusory” in character, that is it must actually bind the offer-or if it is accepted.

1.4. Valid Contracts

1.4.1. Capable Parties

1.4.2. Mutual Consent Negated Fraud Mistake Duress

1.4.3. Lawful Object

1.4.4. Consideration adequate, good or sufficient

1.5. Statute of Frauds

1.5.1. In Writing Contract performed within one year Lease for more then one year Listing Another's DDebt

1.5.2. Not in writing Lease for one year Sell Personal Property, e.g. Business opportunity Brokers sharing commission Seller may sue broker for broken oral promise

1.6. Assignment if:

1.6.1. No personal quality to the promisor

1.6.2. or not expressly prohibited

1.7. Breach of Contract

1.7.1. Sue for Specific performance Court Orders seller to sign deed

1.7.2. Liquidated Damages 3% percent of purchase price or deposit Are divided equally between owner and broker

1.8. Listings

1.8.1. Exact terms the seller will accept

1.8.2. General Listing Requirements Exclusive Contracts Termination Date Due Diligence Net Listing Disclose selling price and commission to seller Broker Safety Clause Receive Commission of introduced buyers after expiration date Hold Harmless Clause protect agent false information provided by seller Commission Seller may turn-down an offer which does not meet exact terms without being liable for commission Adequate description Street address OK if only one property per street Cancellation Seller may cancel listing anytime but may be liable for damages

1.8.3. Nomenclature Listing Broker Listing Agent or Office Selling Broker Selling Agent or Office

1.9. Deposit Receipt

1.9.1. Contingencies

1.9.2. Termination Withdraw Must Return the Deposit Rejection of Offer by seller Death of the Buyer prior to of acceptance of the offer Expiration

1.9.3. General Information Vesting Husband and wife Home Inspection Buyer must pay for damages caused by inspector If seller quickly fixes a problem

1.9.4. Multiple Offers must be presented to seller at the same time

1.9.5. Arbitration Clause not signed file in court

1.9.6. Deposit broker must give deposit to seller if requested to do so

1.10. Option to Buy

1.10.1. optionee is under no obligation to buy

1.10.2. option clouds the title

1.10.3. Does not give Right To Use

1.10.4. Listing Agent's Option must reveal any offers and the amount of profit must obtain the written seller's consent

1.11. Miscellaneous

1.11.1. Desk Cost Total Operation expenses/ number of sales people

1.11.2. Company Dollar Gross Income - sales persons commissions

1.11.3. Commissions Are negotiable noted in listing contract

1.11.4. Conservator Court Order overseer of Conservatee

1.11.5. If a seller decides to return liquidated damages to defaulting buyer Broker not entitled to a commission

1.11.6. Exclusive probate listing not exceed 90 days