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Chapter 6&7 Terms
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agent
a person who has the power and authority to act on behalf of another person
consideration
something of value given to make the promises of a contract enforceable
execution
signature of a party to a legal document
certified check
personal check in which the bank certifies that the funds are in the acct and that the check will be honored on presentment for payment
earnest money
money paid by the purchaser at the time the real estate contract is signed
closing
date set forth in a real estate contract on which the parties agree to perform all the promises of the contract
power of attorney
written document authorizing another person to act as one's agent
contract
agreement between two or more persons consisting of a promise, or mutual promises that the law will enforce
counteroffer
a response to an offer by the offeree stating the terms of acceptance different from the offer
cashier's check
check issued by a bank, the payment which is guaranteed by the full faith and credit of the bank
Author
kikicutler
ID
7684
Card Set
Chapter 6&7 Terms
Description
2-23-10
Updated
2010-02-22T17:02:00Z
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