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Real Estate Contracts. Contract Law. A contract must be: voluntary an agreement or a promise made by legally competent parties supported by legal consideration about a legal act Contracts may be express or implied

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Real Estate Contracts


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Presentation Transcript
contract law
Contract Law
  • A contract must be:
    • voluntary
    • an agreement or a promise
    • made by legally competent parties
    • supported by legal consideration
    • about a legal act
  • Contracts may be express or implied
    • Express simply means that the parties state the terms and show their intentions in writing.
slide3
In Alabama all contracts concerning real estate must be in writing.
  • A good example of an implied contract is what happens when you go into a restaurant and order a meal.
  • Unilateral vs. bilateral contracts.
  • Executed vs. executory contracts.
essential elements of a valid contract
Essential Elements of a Valid Contract
  • Offer and acceptance – there must be a meeting of the minds (mutual assent)
    • What happens when there is a counter-offer?
    • An offeror may revoke the offer at any time before receiving the acceptance!
  • Consideration – something of legal value.
    • There must be a definite statement of consideration in a contract.
slide5
Reality of consent
    • A mistake, misrepresentation, fraud, undue influence, or duress would result in a contract that is voidable.
  • Legal purpose
  • Legally competent parties
validity of contracts
Validity of Contracts
  • A contract can be valid, void (has no legal force), or voidable.
  • Unenforceable
    • Doesn’t mean that both parties could not go ahead and fulfill the contract.
discharge of contracts
Discharge of Contracts
  • Performance
  • Assignment
  • Novation
  • Breach of contract
    • One remedy is a suit for specific performance
  • Other reasons for termination:
    • Partial performance, substantial performance, impossibility of performance, mutual agreement, operation of law, recission.
contracts used in real estate
Contracts Used in Real Estate
  • Listing agreements
  • Real estate sales contracts
  • Options
  • Land contracts or contracts for deed
  • Leases and escrow agreements
  • If a contract contains any ambiguity, the courts generally interpret the agreement against the party who prepared it.