AL 3.0 hours Contracts and Leasing Course Syllabus
3.0 Elective Hours
A contract is a voluntary and lawful agreement by competent parties for good consideration to do a specific event. A contract is an exchange of promises between two or more parties to do or refrain from doing an act. For a contract to be valid and enforceable in court, it must contain certain elements. Failure to fulfill the promises contained within the contract is known as a breach. There are also certain remedies available for the non-breaching party. All contracts for real estate must be in writing according to the Statute of Frauds in most states. This course will discuss these specific elements.
Contract law is based on four forms of law in America: Common Law, Case Law, Statutory Law, and Constitutional Law. Common law is based on historical or precedent-setting rulings that have been handed down through time. Case law is based on rulings here in America by the courts that update, modify, or clarify the old Common Law. Statutory law is laws passed by State legislative action. A constitutional law goes back to the Constitution of the United States and the Constitution of each State.
After completing this course, the real estate professional will be able to define a contract, contract law, and list the essential elements of a valid contract.