Bilateral vs. Unilateral Contract
What is a bilateral contract? A bilateral contract is the most basic form. It is an agreement between at least two people or two companies. Most business and personal contracts fall into this bilateral category. You enter into this type of agreement when you buy something from a store or hire a gardener to mow your lawn. In real estate, the purchase and sale agreement between the buyer and the seller is a bilateral agreement. Both parties are participating with the buyer contracted to provide money and the seller to provide clear title for the property.
What is a unilateral contract? The easiest way to understand a unilateral contract is to understand the word 'uno.' Uno means one. So in its simplest term, a unilateral contract requires the action of only one person or one group alone. In real estate contract law, unilateral contracts require only one person to make a promise and fulfill their obligation.
Listing Agreement - The most common unilateral real estate contract is the listing agreement between the broker and the selling owner. Only the seller "has to perform" and pay a commission if the house is sold by the broker. The broker "does not have to sell the house" if there are no buyers. Only the seller has to perform; unilaterally.
How are bilateral and unilateral contracts alike? Both unilateral and bilateral contracts can be breached. A breach of contract is defined as a broken contract; failure to fulfill the terms of a contract. The injured party by the "breach" has to prove the same criteria whether to enforce a bilateral or unilateral contract in court. In each situation, the injured party needs to establish:
· The contract existed
· The contract was broken
· A loss was suffered
The person challenging was the injured party
The CAPITALIZATION RATE, often just called the CAP RATE, is the ratio of Net Operating Income (NOI) to property asset value. So, for example, if a property was listed for $1,000,000 and generated an NOI of $100,000, then the cap rate would be $100,000/$1,000,000, or 10%.
CARTE BLANCHE: NOUN complete freedom to act as one wishes or thinks best. "we were given carte blanche"
CONTRARIAN (opposite of pragmatic): adjective, opposing or rejecting popular opinion; going against current practice. (especially in stock exchange dealing, buying when others are selling, etc) "the comment came more from a contrarian disposition than moral conviction"
Dopamine: Dopamine, serotonin, oxytocin and endorphins are the quartet responsible for our happiness. Many events can trigger these neurotransmitters, but rather than being in the passenger seat, there are ways we can intentionally cause them to flow.Oct 20, 2014
Hacking Into Your Happy Chemicals: Dopamine, Serotonin, Endorphins and Oxytocin https://www.huffpost.com/entry/hacking-into-your-happy-c_b_6007660
Empirical: adjective (synonyms: observed, seen, factual, actual, real, verifiable, firsthand) Based on, concerned with, or verifiable by observation or experience rather than theory or pure logic. "they provided considerable empirical evidence to support their argument" It is a way of gaining knowledge by means of direct and indirect observation or experience. Empiricism values such research more than other kinds. Empirical evidence (the record of one's direct observations or experiences) can be analyzed quantitatively or qualitatively. “I'm still an empirical and evidence based guy.”
estoppel certificate: By definition, an estoppel certificate is a “signed statement by a party certifying for another's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.
estoppel is a legal principle that precludes a person from alleging facts that are contrary to previous claims or actions. In other words, estoppel prevents someone from arguing something contrary to a claim made or act performed by that person previously.
estop: verb, LAW: past tense: estopped; past participle: estopped bar or preclude by estoppel. To hinder or prevent by estoppel. Estoppel is a judicial device in common law legal systems whereby a court may prevent, or "estop" a person from making assertions or from going back on his or her word; the person being sanctioned is "estopped". Estoppel may prevent someone from bringing a particular claim. Wikipedia
GOOGAL: Feb 25, 2020 - 'Googol' is a mathematical term named by Milton Sirotta, mathematician Edward Kasner's nephew, and it means 10 raised to the power of 100, or 1 followed by 100 zeros. A Googolplex refers to a number of nearly incomprehensible size, being defined as '1 followed by a Googol of zeros.
Income Discrimination, How to avoid Income Discrimination when evaluating tenants: HERE
“Actual knowledge” typically includes only the information of which the person, or group of persons, whose knowledge is at issue, is consciously aware. It refers only to what the person knows when the statement is made. It does not include facts or information that the person has forgotten or that is in the person’s old files or records.
“Constructive knowledge” includes matters that a person is supposed to know or could have found out. A person may have constructive knowledge of something even if that person does not have, and never had, actual knowledge of it. Black’s Law Dictionary (10th Ed. 2014) defines “constructive knowledge” as “[k]nowledge that one using reasonable care or diligence should have, and therefore that is attributed by law to a given person.”
“Imputed knowledge” means knowledge of one person attributed to another person. Knowledge is imputed from one person to another based on their legal relationship. For example, the knowledge of an agent may be imputed to the principal, the knowledge of an employee or officer may be imputed to the employer or company, and the knowledge of a partner may be imputed to other partners and to the partnership.
“Best knowledge” is reflected in a statement such as “the following is true to the best of my knowledge,” or when a written statement or representation begins with “to the best of the knowledge, information, and belief of the undersigned.”
Many commercial lawyers believe that when a person makes a representation in a transactional document to that person’s “best knowledge,” the representation is based on more information than had that person used the phrase “the following is true to the knowledge of the undersigned.” Those lawyers believe that if the phrase “best knowledge” is used, it implies that the knowledge of the person making the representation is based on research, due diligence, or investigation done shortly before the time that the representation is made. But most reported cases about the meaning of “best knowledge” have reached the opposite conclusion and hold that if a person uses the term “best knowledge” in an affidavit, application, or representation the term embodies a level of uncertainty.
If a rule of court requires a statement to the personal knowledge of someone, a statement to the “best knowledge” of a person is insufficient. A statement made to the “best knowledge” of a person does not mean that the person
LAWS: HOW ARE LAWS CREATED IN ARIZONA…?
How are the (ARS) Arizona Revised Statutes (statute) and (AAC) Arizona Administrative Code (rules) created?
Arizona Administrative Code: Title 4. Professions and Occupations, Chapter 28. State Real Estate Dept
HOW ARE LAWS CREATED…? The Arizona State Legislature bears the responsibility for creating and/or accepting changes to statutes. Statutes begin as bills submitted to the Legislature which may undergo changes during the process of becoming law. Once the Legislature completes their process the resultant bill is sent to the Governor’s Office for signature. Provided that the Governor does not have a problem with the bill that would cause the veto process to be enacted, the bill is signed and becomes law 90 days after signature unless the bill includes an emergency clause in which case it becomes law immediately.
WHERE ARE THE RULES PUBLISHED…? In the Arizona Administrative Code, AAC: The Arizona Administrative Code is the official publication of Arizona’s codified rules and is published by the Administrative Rules Division (Division). State agencies, boards and commissions, are given rulemaking authority from the state Legislature. Rule sections are published in chapters under titles in quarterly Code supplements.
HOW ARE RULES CREATED…? The Arizona Administrative Code (rules) are proposed by the licensing agency holding the responsibility under their statutes to develop rules.
The rule making process is somewhat complicated but the important thing to remember is that this process involves public comment. Therefore, the consumer can be involved in the development and process of rule making. If you are interested in more details on the rule making process you can find the information at the Secretary of State’s website (www.azsos.gov(link is external)) under the Business Services/Publications area.
RULES: The definition for a rule is provided for under A.R.S. § 41-1001. “‘Rule’ means an agency statement of general applicability that implements, interprets, or prescribes law or policy, or describes the procedures or practice requirements of an agency.”
MISOGYNIST: noun a person who dislikes, despises, or is strongly prejudiced against women. "a misogynist attitude"
Obstinate: adjective: stubbornly refusing to change one's opinion or chosen course of action, despite attempts to persuade one to do so. (stubborn, inflexible) While stubborn may have positive or negative connotations, obstinate is most definitely negative, because it implies a kind of hard-headed determination not to change your mind even when it might be best to rethink your position.
NMLS: Nationwide Mortgage Licensing System
PARADIGM: noun a typical example or pattern of something; a model. A paradigm is a standard, perspective, or set of ideas. A paradigm is a way of looking at something. The word paradigm comes up a lot in the academic, scientific, and business worlds. ... When you change paradigms, you're changing how you think about something.
PARADIGM SHIFT: noun a fundamental change in approach or underlying assumptions. "geophysical evidence supporting Wegener's theory led to a rapid paradigm shift in the earth sciences" A paradigm shift is a major change in the concepts and practices of how something works or is accomplished. ... For example, the assembly line created a substantial paradigm shift, not only in the auto industry but in all other areas of manufacturing as well.Jun 27, 2019 Paradigms are generally defined as a framework that has unwritten rules and that directs actions. A paradigm shift occurs when one paradigm loses its influence and another takes over. The concept defines paradigm and paradigm shift and explains how it can relate to company strategies and industry cycles.
Paradigm: A typical example or pattern of something; a model. Paradigms are generally defined as a framework that has unwritten rules and that directs actions. A paradigm shift occurs when one paradigm loses its influence and another takes over. The concept defines paradigm and paradigm shift and explains how it can relate to company strategies and industry cycles.
Paradigms are powerful because they create the lens through which we see the world If you want small changes in your life, work on your attitude. But if you want big and primary changes, work on your paradigm.” DR. STEPHEN R COVEY
PERSONALIZE: cause (something, especially an issue, argument, or debate) to become concerned with personalities or feelings rather than with general or abstract matters. "the mass media's tendency to personalize politics". Don’t personalize the terms and conditions of the transaction, those are between the seller and buyer. Do not personalize the issues. Do not let them “yanking your chain” get under your skin.
PRAGMATIC (opposite of contrarian): adjective, dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations. "a pragmatic approach to politics"
RENTAL LAWS IN ARIZONA: Very good website! Landlordology HERE
Special power of attorney: A special power of attorney is a legal document that authorizes one person, called an agent or an attorney in fact, to act on behalf of another person, known as the principal, under specific, clearly laid-out circumstances. https://www.investopedia.com/terms/s/special-power-attorney.asp
Tortious Interference: https://en.wikipedia.org/wiki/Tortious_interference
Trustee: An individual or corporation named by an individual, who sets aside property to be used for the benefit of another person, to manage the property as provided by the terms of the document that created the arrangement. https://legal-dictionary.thefreedictionary.com/trustee