Contract Law Flashcards

What fiduciary duty is most important in contract law?

Answer: Acting in the client's best interest with loyalty, disclosure, confidentiality, and accountability

Real estate fiduciary duties require putting the client's interests first through loyalty, full disclosure, confidentiality, and accountability.

How should market analysis support contract law decisions?

Answer: Conduct thorough comparative market analysis using recent closed sales and adjusted comparables

Thorough CMA using recent closed sales with appropriate adjustments provides the most reliable basis for pricing decisions.

What disclosure requirement applies to contract law?

Answer: Disclose all known material facts that could affect the transaction decision

All known material facts that could affect the buyer's decision must be disclosed, regardless of whether they were specifically asked about.

How should negotiation be conducted in contract law?

Answer: Negotiate honestly and in good faith while zealously representing your client's interests

Effective negotiation requires honest, good-faith representation while zealously advocating for the client's interests.

What fair housing law applies to contract law?

Answer: All real estate activities must comply with federal, state, and local fair housing laws prohibiting discrimination

Fair housing laws prohibiting discrimination apply to ALL real estate activities including sales, rentals, lending, and advertising.

What continuing education supports competence in contract law?

Answer: Ongoing education in legal updates, market trends, technology, and best practices

Ongoing professional development ensures competence as laws, markets, technology, and best practices continuously evolve.