Lex 210 - Questions

Lex 210 - Questions - That the trust document be carefully...

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Summer Phillips Lex 210 – Hy Chapter 6 Questions and Answers 1. What is 1 of the main areas of a legal assistant’s involvement in real estate? 1 of the main areas of a legal assistant’s involvement in real estate is assistance in representing a purchaser or seller in the sale and purchase of real property. 2. What is a contract? It is an agreement between 2 or more persons consisting of a promise or mutual promises that the law will enforce or the performance of which the law will in some way recognize as a duty. 3. A minor can void or fail to perform a contract if the minor so desires, but what happens if the minor chooses to perform the contract? The other party is bound to the contract. 4. Even though a corporation probably has the authority to enter into a contract, who signs and negotiates the contract? Human representatives of the corporation negotiate and sign the contract. 5. A contract entered into with a trust requires what?
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Unformatted text preview: That the trust document be carefully reviewed to see if the trustee has the authority to bind the trust to the contract. 6. What is an offer? It is a contractual promise to do something. 7. What is a counteroffer? It is a response to an offer by the offeree stating terms of acceptance different from the offer. A counteroffer terminates the original offer and becomes an offer of its own to be accepted or rejected. 8. What may be a consideration? A consideration may be money, something of value, or, in many states, just a recital of the agreement of the parties to buy and sell. 9. What is the amount of money damage? The amount is the difference between the contract price and the market value of the real property at the time and place of default. 10. What is depreciation? It is a tax method that permits a property owner to recover the cost of income-producing property through yearly deductions....
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