Contracts
In Louisiana, 'simulation' in a contract refers to:
AA computer model used for property valuation
BA secret agreement between parties that disguises the true nature of a transaction✓ Correct
CA rehearsal closing before the actual act of sale
DA conditional offer subject to negotiation
Explanation
Simulation in Louisiana contract law occurs when parties enter into a contract that outwardly appears different from their true agreement — for example, a sale that is actually a disguised donation to avoid forced heirship.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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