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Certain elements must be contained in a contract in order to be enforceable. These are the essential elements, and any absence of these will render the contract invalid. Terms in this set (5)Offer and Acceptance When one party offers and another party accepts the offer, an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. When acceptance of an offer has been communicated to the offeror by the offeree, a contact is formed between the parties. Legal Consideration Consideration is a benefit which must be agreed upon between the parties, and is the essential reason for a party entering into a contract. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). In the absence of valuable consideration, there must be invaluable consideration which is "Love and Affection". Competent Parties Those of legal age and sound mind are considered to be competent parties. In order for a deed to be valid, the grantor must be legally competent. Incompetent parties would include minors (under the age of 18 in SC), insane persons, and intoxicated persons. Legal Purpose Contracts must be for legal purpose. Contracts to perform illegal acts or purposes are void. Essential Elements of a Valid Contract Offer and acceptance, legal consideration, competent parties, and legal purpose. Sets found in the same folderReal Estate Chapter 7 Discharge of Contracts7 terms cbedqiz295 Real Estate Types of Leases6 terms cbedqiz295 Other sets by this creatorReal Estate Math7 terms cbedqiz295 Real Estate Chapter 7 Buyer-Broker Agreements5 terms cbedqiz295 Recommended textbook solutionsFundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
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What are the essential elements of a contract quizlet?The following are the basic essential elements of a contract..... Offer and Acceptance (Mutual Assent). Acceptance.. Consideration.. Legally Competent Parties.. Reality of Consent.. Legal Purpose.. What are the four requirements of a valid contract quizlet?Terms in this set (5). what are the 4 requirements of a valid contract? mutual assent, consideration, capacity, legality.. mutual assent. offer and acceptance.. consideration. both parties are giving and getting something of value.. capacity. all parties must be capable of understanding the terms and legally.. legality.. |
Which requirement is one of the essential elements of a valid real estate contract Quizlet
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