FRECI_11-3 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 11 – Lecture 3 Real Estate Contracts Copyright, 2005 2 Lecture Preview What will you learn from this lecture? The four classifications of contracts The negotiation process Ways to terminate an offer Ways to terminate a contract What happens if a party breaches the contract Copyright, 2005 3 Vocabulary Terms Bilateral contract Liquidated damages Meeting of the minds Novation Unilateral contract Copyright, 2005 4 Contract Classifications Bilateral Unilateral Formal Informal Expressed Implied Executory Executed Copyright, 2005 5 Formal vs. Informal Oral (parol) contract May be enforceable (if no violation of statute of frauds) Formal contract Informal contract Historically, in writing and under seal Nowadays, in writing will suffice Copyright, 2005 6 Bilateral vs. Unilateral Bilateral contract Unilateral contract Requires both parties to perform
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_11-3 - Lecture Preview Florida Real Estate Commission...

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