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Real Estate 101 Promulgated Contract Forms Wo Flashcards

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Real Estate 101 Promulgated Contract Forms Wo Flashcards

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so the first thing we're going to talk about is the definition of a contract what's the definition of a contract well the definition is pretty simple it's a voluntary agreement between two or more parties to either perform or not perform and they come to a meeting of the minds regarding the subject matter so what does that mean well it means that the buyer and seller for example agree that once the purchase contracts agree to that both parties are going to perform they're going to follow through with what they said an example of non-performance would be a no compete clause in employment law the employer says i'll hire you but you're going to sign this no compete clause that says that if if you quit then for the next two years after you quit you cannot compete against us so that is where uh the agreement to not do something meaning meeting of the minds that's a term you have to know a meeting of the minds simply means that the buye

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