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Most valuable contract Law for Real Estate | David Ford Avon CT

David Ford Avon Ct explained here about the most valuable contract laws for real estate.

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Most valuable contract Law for Real Estate | David Ford Avon CT

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  1. Most valuable contract Law for Real Estate David Ford Avon CT

  2. Contract A legally enforceable agreement to do (or not to do) a particular thing.

  3. Contract -Legally Enforceable Agreement • Expressed - declare • Implied - created by action • Bilateral - promise exchanged for a promise • Unilateral - promise exchanged for performance

  4. Bilateral Contract Unilateral Contract Promise for Promise Promise for Performance

  5. Legal Effect of Contracts • Valid- meets all requirements of law. • Void- no legal effect & not a contract. • Voidable- one party bound but not the other. • Unenforceable– may have been valid at an earlier time but now enforcement is barred.

  6. Contract Essentials • Competent parties • Mutual assent • Lawful objective • Consideration • Written

  7. Meeting of the Minds Acceptance Offer Offer Counteroffer Acceptance

  8. COUNTEROFFER • Any change in the terms. • Upon receiving the offer, the offereehas three options: to agree to it, to reject it, or to make a counteroffer. • An offer can be revoked by the offeror at any time prior to the offeror hearing of its acceptance

  9. duress Duress (use of force), menace (threat of violence), or undue influence (unfair advantage) cannot be used to obtain agreement.

  10. Fraud • An act intended to deceive for the purpose of inducing another to part with something of value • Mutual agreement requires that there be no fraud, misrepresentation, or mistake in the contract if it is to be valid

  11. Statute of Frauds • In each state there is a law that is commonly known as a statute of frauds. • Its purpose is to prevent frauds by requiring that all contracts for the sale of land, or an interest in land, be in writing and signed to be enforceable in a court of law.

  12. Esign Act • Effect as of March 1, 2001 • Authorizes electronic agreements • Allows for electronic signatures • State may supercede this legislation

  13. Performance • Most contracts are discharged by being fully performed or executed by the contracting parties in accordance with the contract terms.

  14. Novation • the substitution of a new contract between the same or new parties.

  15. DECEASED PARTY • If one of the contracting parties dies, a contract is considered discharged if it calls for some specific act that only the deceased person could have performed.

  16. Breach of Contract • Partial performance • Unilateral Rescission • Money damages • Specific performance • Liquidated damages • Mutual Rescission • Statute of limitations

  17. Key Terms • Breach of contract • Competent party • Consideration • Contract • Counteroffer • Duress • Fraud • Liquidated damages • Power of attorney • Specific performance • Void contract • Voidable contract

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