Champion School Of Real Estate-Law Of Contracts Study Guide Graded A+

Contingency {Ans: a provision in a contract that requires that a certain act or event happens in order for the contract to be binding}codicil {Ans: an addition or amendment to an existing will.}Contract {Ans: an agreement between 2 or more parties to do something or to refrain from doing something.}Requirements of a valid lease {Ans: 1. Competent Parties 2. Let and Take agreement 3. adequate Consideration (rent) 4. Description of the property}Comparative Market analysis {Ans: information from the MLS data to show the seller the market value of the property}Eminent Domain {Ans: the right the government has to acquire property to satisfy a public purpose}