a) This action is perfectly legal in New York. b) The standard may enter into leases as long as a lawyer is co-signed. c) brokers are not allowed to enter into leases in which they are not involved. (d) Brokers have the right to enter into any lease, subject to the agreement of all parties. A contract is the choice of a party who is unable to understand the nature of the contract because of a mental disorder or drunken driving, provided that the other party knew or should have known about that person`s disability. A contract is a legally binding promise or a number of commitments between two parties. In this context, a promise is an obligation for a person to do or refrain from doing something when another person does something or refrains from doing something or making a promise in return. 6) Broker Amanda prepares a sales contract, collects serious money and deposits it into her account. What is TRUE`s statement? a) You can terminate the contract and get your serious money refunded. b) The mortgage emergency clause is not valid.
c) Sellers must grant them an extension to secure the loan. (d) Tim and Laura did not act in good faith; they can`t get their money back seriously. 4) Which part of a contract deals with the legal requirements for entering into a contract? 4) A contract that must place a stake in real estate 12) Seller James withdrew $20,000 as a second mortgage, so that the buyer can qualify Karl to buy the property. What kind of mortgage is $20,000? The principle that the law of remedies in the event of breach of contract is intended to alleviate the promise and not the compulsion of the promisor is expressed admirably in the draft convention in the first sentence of article 71:3). what their rights and obligations are and how to identify potential problems. Although the draft agreement does not provide for punitive damages, the parties themselves are at all times free to include an explicit provision for a penalty in the event of an infringement. There are polar views on the validity of these sanction clauses. Many legal systems do not find anything offensive by nature. Others, particularly those based on the common law, distinguish between a “penalty” provision that is not valid and a “liquidated damages” provision that is valid. As this condemnation of the sanction clauses is rooted in public order, it is not affected by the draft convention which, under Article 4, point a), is not “the validity of the treaty or any of its provisions”. The review of the validity of a sanction clause will continue to include the exercise of choice of law in order to determine the legislation in force when it comes to jurisdictions with these polar views.
 [Page 248] Such a formula is inevitably imprecise.