An Act of God is an unpreventable destructive occurrence that results from natural forces. Insurance and contract laws often include clauses to address losses resulting from such events.
The term 'assign' in real estate refers to the transfer of one's property rights or contract rights to another party. This can apply to leases, mortgages, deeds of trust, and other contractual agreements. It's important to note that assigning a contract does not typically relieve the initial party of their contractual obligations unless a novation, or the substitution of one party for another with the consent of all parties involved, occurs.
Clawback provisions in laws or contracts limit or reverse a payment or distribution for specified reasons, ensuring financial fairness and compliance.
Covenants and Conditions (Restrictions), often referred to as CC&Rs, are contractual limits tied to the property that impose certain rules or obligations on property owners.
An Electronic Signature (e-signature) is a digital method for identity verification through the Internet, usually used in connection with contracts and other types of agreements. This method often involves security measures such as a Personal Identification Number (PIN) to indicate the approval of the individual agreeing to the transaction.
An executory contract is a contract under which one or more parties has not yet performed their obligations. It remains in a state of incompletion until all terms have been fully met by all involved parties.
A legal entity is an individual, company, or organization that has legal rights and obligations, including the ability to enter into contracts, sue and be sued, own assets, and borrow money.
The term 'legal name' refers to the name recognized by government authorities for official purposes, as recorded on documentation such as birth certificates, identification cards, and legal contracts.
Muniments of Title are documents that serve as evidence of ownership, facilitating the transfer of property rights by clearly demonstrating the chain of ownership.
A notary public is an official, authorized to perform certain legal formalities, including witnessing signatures on documents, to deter fraud and ensure proper execution of important paperwork.
In contract law, performance refers to the completion of duties and obligations specified in the contract. Proper performance by all parties ensures that contractual objectives are met and can prevent disputes.
In the context of real estate law, a person is an entity having legal responsibility. This can range from natural human beings to corporations, partnerships, governments, and other recognized bodies. Understanding these distinctions is crucial in contracts and legal obligations.
Specific performance is a legal remedy in real estate contracts where the court orders the breaching party to perform their contractual obligations, typically involving the transfer of property.
A state law that stipulates that certain contracts must be in writing to be enforceable. This includes deeds, mortgages, and other real estate contracts, except for leases shorter than one year.
Stipulations are specific terms or conditions outlined within a written contractual agreement. These conditions must be met for the contract to be enforceable or finalized.
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniform act that different states have adopted to harmonize the law of sales and other commercial transactions across the U.S.
In real estate, the term 'valid' refers to documents or agreements that have legally binding force and are authorized by law. Examples include valid deeds, wills, leases, mortgages, and other contracts.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
