Fundamentals of Contract Law

Описание: CONTRACT VALIDITY AND ENFORCEABILITY
● contract: mutual promises based on "meeting of the minds" to do or refrain from doing something; potentially enforceable if created validly

Legal status of contracts
● valid: meets criteria
● void: does not meet criteria
● voidable: invalid if disaffirmed
● valid yet unenforceable: certain oral contracts

Criteria for validity
● competent parties; mutual consent; valuable consideration; legal purpose; voluntary, good faith act

Validity of a conveyance contract
● must be in writing; contain a legal description; be signed by one or more parties

Enforcement limitations
● statute of frauds: must be written to be enforceable
● statute of limitations: must act within time frame

Electronic contracting
● federal law: electronic records and signatures are legal and must be accepted; enforceable regardless of medium

CONTRACT CREATION

Offer and acceptance
● valid offer and valid acceptance creates contract
● offer becomes contract on communication of acceptance by offeree to offeror

Counteroffer
● any offer in response to an offer or any altered original offer; nullifies original offer

Revocation of an offer
● offeror may revoke offer prior to communication of acceptance by offeree

Termination of an offer
● acceptance; rejection; revocation; expiration; counteroffer; death or insanity

Assignment of a contract
● assignable unless expressly prohibited or a personal service

Contract preparation
● restricted unless licensed as attorney or a party to the contract

CLASSIFICATIONS OF CONTRACTS
● oral or written; express or implied; unilateral or bilateral; executed or executory

CONTRACT TERMINATION

Forms of contract termination
● performance; infeasibility; mutual agreement; cooling-period rescission; revocation; abandonment; lapse of time; invalidity of contract; breach of contract

Breach of contract
● default without cause
● legal remedies: rescission; forfeiture; suit for damages; specific performance

Fundamentals of Contract Law #contractlaw #realestatelicensing

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