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FRECI_11-2 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 11 – Lecture 2 Real Estate Contracts Copyright, 2005 2 Lecture Preview What will you learn from this lecture? What elements are essential to any contract The conditions under which a person has the mental capacity to enter a contract Copyright, 2005 3 Vocabulary Terms Competent parties Copyright, 2005 4 Essential Elements of a Contract Contractual capacity of the parties (competent parties) Legality of the objective (lawful purpose) Offer and acceptance Consideration (good or valuable) In writing and signed (for real estate) C L O C Copyright, 2005 5 Contractual Capacity of the Parties Legal age to contract (18 years of age or older) No mental defect No intoxication No influence of any other substances (Competent parties) (Legal capacity) 6 Legality of Objective Contracts cannot be for any unlawful purpose Contracts may not contain any unlawful clauses or provisions
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