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Unformatted text preview: Formal contract – A contract that is required to be put on a specific form to be valid Informal contract – 95%, not approved mandated form that you must read, as long as a contract covers essential elements if it is okay Executed – a fully performed contract Executory – a not fully performed contract Valid contract – all elements have been satisfied Void contract – as though it no longer exists Voidable contract – The option to perform or not perform in a contract Unenforceable – A contract that is required to be written, otherwise it is not enforced Contracts for real estate must be written contracts. If you had a written agreement then you must sell the land Equity – conduct of parties where the results are fair At – Law: if you have adequate remedy in court of equity Ex: if...
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- Fall '10