Contract is an agreement to do or not to do something or certain things. It can be oral or written.
He still has one year left on his contract.


A sales contract is an agreement by which property rights are transferred from one party to another, in real estate industry.

Unilateral Contract

Unilateral contract is an agreement in which one party's obligations are contingent upon a second party's performance. However, the second party has no obligation to perform and faces no penalty for non-performance.

Back-Up Contract

A back-Up contract is a real estate purchase agreement that becomes effective only if a primary contract with another party fails to close. The buyer in the back-up contract understands that he or she may not be able to purchase the property, particularly if the primary buyer is able to complete a purchase.

Development Contract

A development contract is an agreement by which a developer agrees to construct a particular improvement and the client agrees to purchase the improvement and (normally) property upon completion.

Implied Contract

An implied contract is legally recognized contract established by actions taken, even if the contract is not written or spoken.

Installment Contract

An installment contract is an agreement between the buyer and the seller, which allows the buyer to purchase the property on installment. The seller, in fact, becomes the lender for the buyer's purchase. However, the property remains in the seller's name until the established price is fully paid.

With an installment contract, the buyer is allowed to move in; the buyer pays monthly payments. Most installment contracts are essentially balloon in structure, giving the buyer a limited amount of time to eventually procure mortgage refinancing.

Land Contract

A more common term for an installment purchase agreement.

Oral Contract

A legally binding verbal agreement. In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances (for example where real property is being conveyed), or that a contract be evidenced in writing (although the contract itself may be oral). An example of the latter is the requirement that a contract of guarantee be evidenced in writing, which is found in the Statute of Frauds.



(Conspicuousness) One factor in determining property value. It is of great importance in a business dependent on advertising.
Needs to be improved.


Consideration is a legal concept which means anything of value given to induce someone into entering a contract. Typically, consideration is the money exchanged by the parties, but it may be other consideration of value, such as other property in exchange, personal services, or even love and affection.


Consent is agreement to do something or giving permission for something to happen, approval, or assent.
Doctors explained procedure to the patient and obtained written informed consent for surgery.


A connection between two things.
Britain is a useful conduit to Europe for United States.


A qualification in a deed which if violated or not performed defeats the deed and places the title back to the original grantor. The strongest of CC&Rs (covenants, conditions, and restrictions).


The act of taking of private property for public use once payment of a fair compensation to the owner has been made. The property is taken under the power of eminent domain by the federal or local government.

See condemnation.

Compound interest

Compound interest is the interest paid on the original principal as well as on the already accrued interest on the loan.

Compound Interest Formula:
Total Amount = Principal x (1 + interest rate / 12)12 x number of years

For example, if an amount of $5,000 is deposited into an account with compound interest at an annual interest rate of 5%, compounded monthly, the value of the investment after 10 years can be calculated as follows:

Total Amount = 5000 x (1 + 0.05 / 12) 12 x 10 = 8235.05

Historical data

In forex, historical data describes the collected price information for currencies, based on a time period. JForex platform uses the term "historical test" for testing a strategy (expert advisor) on historical data, while MetaTrader uses "back test".

In JForex, historical data and real-time data is different, when using DEMO platform. And real-time tick data is different on DEMO and LIVE. This is because BID/OFFER orders affect tick price values.


Courtesy is a service that is provided free of charge by an organization, especially of transportation.
They have a courtesy shuttle operates between the beach and the hotel.


Courtesy is politeness and respectful behaviors toward others.
You should call him, at least as a courtesy.
Obama paid a courtesy visit to Kenya.


Courtesy is the right a husband has in his wife's estate at the time of her death.
Needs to be improved.

Adjusted gross income

In the U.S. tax system, adjusted gross income means your total gross income minus specific deductions. Gross income includes all income from all sources and is reduced by certain items to arrive at adjusted gross income, and these includes:

1. Expenses of carrying on a trade or business including most rental activities (other than as an employee)
2. Certain business expenses of teachers, reservists, performing artists, and fee-basis government officials,
3. Health savings account deductions,
4. Certain moving expenses
5. One-half of self-employment tax,
6. Allowable contributions to certain retirement arrangements (SEP IRA, SIMPLE IRA, and qualified plans) and Individual Retirement Accounts (IRAs),
7. Penalties imposed by financial institutions and others on early withdrawal of savings,
8. Alimony paid (which the recipient must include in gross income),
9. College tuition, fees, and student loan interest (with limitations and exceptions),
10. Jury duty pay remitted to the juror's employer,
11. Domestic production activities deduction, and
12. Certain other items of limited applicability.