REP_OH.11

REP_OH.11 - CM 426 - REP 11 REAL ESTATE CONTRACTS I....

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CM 426 -- REP 11 REAL ESTATE CONTRACTS I. CONTRACT A. DEFINITION 1. VOLUNTARY 2. LEGALLY ENFORCEABLE PROMISE 3. LEGALLY COMPETENT PARTIES (CAPACITY) 4. CONSIDERATION 5. PERFORMANCE OR NONPERFORMANCE OF SOME LEGAL ACT B. EXPRESS CONTRACTS 1. WRITTEN OR ORAL 2. STATUTE OF FRAUDS REQUIRES MOST REAL ESTATE CONTRACTS TO BE IN WRITING C. IMPLIED CONTRACTS -- AGREEMENT IS DEMONSTRATED BY ACTS AND CONDUCT D. BILATERAL AND UNILATERAL CONTRACTS 1. BILATERAL CONTRACT a. TWO PARTIES b. ONE PROMISE GIVEN IN EXCHANGE FOR ANOTHER 2. UNILATERAL CONTRACT a. ONE-SIDED AGREEMENT b. ONE PARTY MAKES A PROMISE TO INDUCE SECOND PARTY TO ACTION c. SECOND PARTY IS UNDER NO OBLIGATION TO ENTER CONTRACT E. EXECUTED VS. EXECUTORY CONTRACT
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1. EXECUTED CONTRACT -- ALL PARTIES HAVE PERFORMED AND CONTRACT IS COMPLETED 2. EXECUTORY -- ONE OR MORE PARTIES TO THE CONTRACT HAVE NOT YET COMPLETED PERFORMANCE EXAMPLE: SALES CONTRACT IN REAL ESTATE F. ELEMENTS OF A CONTRACT 1. OFFER AND ACCEPTANCE a. OFFEROR AND OFFEREE b. COUNTEROFFERS c. TERMINATION OF OFFER (1) REJECTION BY OFFEREE (2) NO ACCEPTANCE PRIOR TO EXPIRATION (3) REVOCATION BY OFFEROR PRIOR TO ACCEPTANCE 2. CONSIDERATION a. SOMETHING OF LEGAL VALUE -- MUST BE “GOOD AND VALUABLE” b. “ADEQUACY” OF CONSIDERATION NOT AN ISSUE 3. LEGALLY COMPETENT PARTIES a. MENTAL CAPACITY b. LEGAL AGE G. VALIDITY OF CONTRACTS
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1. VALID CONTRACT
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REP_OH.11 - CM 426 - REP 11 REAL ESTATE CONTRACTS I....

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