Broker Karen is assisting Seller Tom in the sale of his Florida home. Karen tells Tom that she can draw up a sales contract or fill in the blanks of a preprinted sales contract available through a local real estate association. Tom reviews examples of each type of contract and asks a few factual questions about the information that he will need to supply. Tom follows up those questions by asking Karen to interpret the legal ramifications of certain contract clauses. Is Tom making any requests of Broker Karen that she should not accommodate? Tom should only ask legal questions about the sales contract if Karen drew up the contract in lieu of using one provided by the local real estate association. Tom should not ask Karen for legal interpretations or legal advice about the sales contract. Tom has a right to expect an experienced real estate professional like Karen to be able to answer legal questions as long as they pertain to the contract or other matters related to selling his home. Tom should not ask any questions about the sales contract

Broker Karen is assisting Seller Tom in the sale of his Florida home. Karen tells Tom that she can draw up a sales contract or fill in the blanks of a preprinted sales contract available through a local real estate association. Tom reviews examples of each type of contract and asks a few factual questions about the information that he will need to supply. Tom follows up those questions by asking Karen to interpret the legal ramifications of certain contract clauses. Is Tom making any requests of Broker Karen that she should not accommodate? Tom should only ask legal questions about the sales contract if Karen drew up the contract in lieu of using one provided by the local real estate association. Tom should not ask Karen for legal interpretations or legal advice about the sales contract. Tom has a right to expect an experienced real estate professional like Karen to be able to answer legal questions as long as they pertain to the contract or other matters related to selling his home. Tom should not ask any questions about the sales contract

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Similar questions

Explain why the first question a person should ask when getting ready to analyze a contract problem is, “is this alleged contract a contract for the sale of a good?”
Miss Cora Cruz would like to buy products from the company of Aurora P. Tan. To make sure that the supplier will not commit a mistake in the delivery of the said product/products, she specifically mentioned the details in her letter. If you are to be asked, what kind of business letter you will use for this particular purpose? Direction: Write a business letter intended for this transaction. Assume that you are Miss Cora, and the reader is : Dr. Lorna R. Dimatatac, President, TIP Teachers and Employees Credit and Savings Cooperative, 938 Aurora Blvd, Cubao, Quezon City. The following should be considered in your letter: 1. Name of the Articles ordered 2. Description of each item, giving size, style, quality, quantity, material, weight, or whatever will help in identifying the article wanted 3. Catalog number of the item if it available, if not, the page number of the catalog 4. Quantity of each item wanted 5. Price of each item, and the total price of the order 6. Method of…
19) The NRC (National Research Council) of Canada is sending out a request for proposal for a very large long-term research and development project. What contract type are they most likely to use? a) fixed price b) cost reimbursable c) time and materials d) unit price 20) Payments to the seller are made in accordance with the: a) project management plan b) procurement management plan c) communications management plan d) terms of the contract
How can an offer be affected where the terms are not clear?
Which of the following contracts has the MOST risk for the buyer?A. Cost plus percentage of costs (CPPC)B. Cost plus fixed fee (CPFF)C. Time and Materials (T&M)D. Fixed price (FP) You are managing a software project. During a walk through of newlyimplemented functionality, your team shows you a new feature that theyhave added to help make the work flow in the product easier for your client.The client didn’t ask for the feature, but it does look like it will make theproduct easier to use. The team developed it on their own time because theywanted to make the client happy. You know this change would never havemade it through change control. What is this an example of?A. Gold platingB. Scope creepC. Alternatives AnalysisD. Schedule Variance
The following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis
Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.
Hyde is a broker involved in a conflicting demands settlement procedure that has already begun. The escrow funds are held in an attorney's escrow account. Hyde seeks an EDO from the FREC. How will the FREC likely respond? The FREC will not issue an EDO because the funds are in an attorney's escrow account. The FREC will issue an EDO within ten business days. The FREC will issue an EDO if the other three settlement procedures don't work. The FREC will not issue an EDO because the dispute must be settled
a) List the five requirements for contract formation and give a short (approximately 1–2 sentences) description of each requirement.b) Choose one of the requirements from your answer to (a). Write a short (approxi- mately 5–10 sentences) example of a contract that does not satisfy this requirement and explain why.
The actual transfer of title is made - when deed is recorded at the closing - when the contract is signed by the seller - when the deed is signed and delivered by the grantor
A. Does a contract have to be in writing? B. List three types of terms in a contract. C. Distinguish terms in a contract from a representation.
How do nonresidential and residential transactions compare with respect to the duties and disclosures of three authorized relationships discussed in the Brokerage Relationship Disclosure Act? The licensee duties in the relationships are the same for both types of transactions, but the disclosure requirements apply only to nonresidential transactions. The duties in the relationships are the same for both types of transactions, but the disclosure requirements apply only to residential transactions. Licensee duties and disclosure requirements apply only to nonresidential transactions. Licensee duties and disclosure requirements apply only to residential transactions.