Contract Law Quiz With Answers In Arizona

State:
Multi-State
Control #:
US-00102BG
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

A detailed analysis of the laws affecting construction contracts including:


" Offer and acceptance;

" Written agreements: integration and merger;

" Mutuality and consideration;

" Expressed and implied obligations;

" Waiver and Disclaimer of Implied Warranty of Habitability;

" Breach and Enforcement: finding materiality and damages;

" Remedies and Procedure in Actions Involving Building and Construction Contracts;


Also includes sample forms from the USLF Website as follows:


" Sample Contract Clause Limiting Remedies;

" Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments;

" Sample count in suit for rescission;

" Petition for Rescission of Contract Failure of Contractor to Obtain Building Permit;

" Complaint for Damages, Specific Performance of Contract, and
Appointment of Special Master to Oversee Construction against Contractor and Agent's Breach of Contract to Construct House;

" Sample Construction Contract Change Order; Sample contract clause regarding arbitration;

" Labor and Material Payment Bond;

" Contract For Construction of a Commercial Building;

" Mechanics' Liens;

" Construction defects;

" Licensing Issues in Mississippi;

" E-discovery; and

" Electronic Message Archiving;

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FAQ

“Close of escrow” means that both buyer and seller have met the conditions in the homebuying contract and the third party that holds the documents and funds can move forward with the sale.

The buyer and the seller are the two main principals in a real estate transaction. For an escrow account, the parties who give directives to the escrow holder would be referred to as principals.

Typically, a document that includes an offer, acceptance, and appropriate consideration will be considered legally binding. In most cases, a contract is binding in Arizona even if the parties signed it in another state.

The choice of escrow agent is typically agreed upon by the buyer and seller. However, the specific preferences can vary depending on local practices and negotiations between the parties.

Final answer: In order for an agreement to be legally enforceable, five valid points must be present in a contract: offer, acceptance, consideration, legal capacity, and legal purpose.

After the buyer and seller agree to terms of a sale, the transaction goes into escrow, which can take several weeks (30-45 days or more) to reach closing. Escrow can be opened by the buyer or the seller's real estate agent.

For a contract to be binding it needs to satisfy four principles, offer, acceptance, consideration, and the intention to create legal relations. Generally, the law believes that an agreement is made when one party makes an offer and the other party accepts it.

I'm not going to lie to you – Contracts is a challenging subject. There's probably a reason that Contracts figures prominently in all those movies designed to scare you away from law school. With that said, my job is to make Contracts as accessible as possible for you.

Be clear and precise when setting out the relevant law, it will make the application so much more easier! This means that you must demonstrate how the law (as you have outlined and explained it) applies to the facts of the question, i.e. you must show what the rule you have just outlined means for the scenario at hand.

There are four essential elements of forming a contract: offer, acceptance, consideration, and intention to create legal relations. Beyond this, the terms of the contract must also be unambiguous, and the parties must have the mental capacity to agree.

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Contract Law Quiz With Answers In Arizona