outline06 - Chapter 6 Contracts in Real Estate Transactions...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 6 Contracts in Real Estate Transactions Lecture Outline Contract—an exchange of promises between parties, conditioned on certain events and enforceable by law. Necessary Elements of a Contract Offer and acceptance (counteroffer) Consideration Capacity of parties Lawful purpose Writing requirement (Statute of Frauds)—requires that contracts involving real estate must be in writing (some leases for less than one year are an exception in some states). Partial performance—fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred, even though no written contract exists. Breach of contract—failure to perform as promised in a contract, in whole or part Specific performance—performing exactly to the terms of the contract as agreed Contract contingencies—specified conditions in a contract that relieve the parties of their promises to perform
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

outline06 - Chapter 6 Contracts in Real Estate Transactions...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online