Champions - Law Of Contracts Study Guide Rated A+

Quitclaim Deed {Ans: A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.}Quitclaim Deed {Ans: Bill and Sally got divorced. Sally wants to sell the house but Bill has to sign a}Earnest money is deposited in an escrow account when: {Ans: The contract is signed by all parties and acceptance is communicated}A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. {Ans: Contingency}Third party financing {Ans: financing that involves someone other than the seller of the property; may be conventional or government backed. Most commonly used. FHA or VA}Blanket Mortgage {Ans: A mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause.}Specific Performance {Ans: Injured party files court action directing party to perform on the contract}The third type of freehold estate. The estate is ownership for the duration someone's life. {Ans: Life Estate}Offer may terminate: {Ans: Exp. of time, bankruptcy, law change}Lease requirements {Ans: -Competent parties