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) Copyright, 2005 6 Legality of Objective Contracts cannot be for any unlawful purpose Contracts may not contain any unlawful clauses or provisions
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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

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