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Section 6: Reviewing Contract Essentials and Classifications

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Consideration

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Terms in this set (71)

The property price

Terms of the contract

Definition of a Contract

A contract is an agreement between competent legal parties to do or refrain from doing some legal act in exchange for consideration. Real estate purchase agreements must be express contracts to be valid.

Linda wants to purchase her first home. She found the perfect place, the contract for purchase was signed, and she closed on the home within a month. What type of contract is this?

Do you know what the statute of frauds requirements are for contracts for the transfer of real property?

-The essential terms and conditions of the contract must be present.
-Contracts conveying the ownership or interest in real property must be in writing.
-The contracting parties must be identified.