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real estate

General Knowledge of contract law

QuestionAnswer
Contract A voluntary agreement between informed and capable parties to do, or to refrain from doing, something which is legal; to do or agree not to do and which is supported by adequate consideration
Five elements of a contract COLIC C- Competitive Parties O- Offer and Acceptance L- Legal; Legality of Objects I- Informed Parties C-Consideration
Competitive Parties All parties must be alive, of lawful age, and sound mind and mentally competent
Offer and Acceptance Sometimes referred to as mutual assent, this element shows there is a meeting of the minds that an offer was made and acceptance of that offer was reached
Legal; legality of object The purpose underlying the contract
Consideration may be money, anything of value, or just a statement that consideration exists, such as " for continued love and affection" or for good and valuable consideration.
Contracts in real estate two additional elements 1.) In writing and Signed 2.) Description of the Real Estate
In writing and signed real estate contracts, and -Personal property contracts in excess of $500 -require a written contract to be enforceable in court -this is known as the statue of frauds requirement
Description of the real estate re documents which will be recorded in the public, records, will require a legal descriip. mortgages, deeds of trust deeds, etc, non-recorded doc are usually acceptable with a st address or assessor's parcel number (APN),contracts, addendums, leases, disc
Created by: jasmineawest