3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours.
For a legal contract to be binding, the following elements must exist:
Mutual Agreement: Each and every party involved in the contract must agree to and accept the contract and its components. All parties must recognize and acknowledge that an agreement has been made and duly accepted.
Consideration: A contract must be mutually beneficial and all parties must recognize and accept the benefits from the contract. These benefits can include money, transfer of ownership, transfer of rights, exchange of services, or anything of value.
Legally competent parties: In the United States, a person or entity (such as a business, trust or corporation) must be competent and at least 18 years old to enter into a contract. If the party is a business, the person representing the business must also be legally competent and have the authority to act for the business.
Lawful Objective: A legal contract cannot require any party to knowingly break the law. If so, the contract is usually void.
Written Contract: The Statute of Frauds is a law which requires that all real estate contracts be in writing.
This course reviews real estate contracts and the most commonly overlooked mistakes. Be sure that all of the above five elements are considered when writing/reviewing a contract so that the contract is enforceable in a court of law.