3.0 hours Contracts and Leasing – Course Syllabus

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Course Syllabus:

3.0 Specialty Credit Hours

For a legal contract to be binding, the following elements must exist mutual agreement, consideration, legally competent parties, lawful objective, and a written contract.

Mutual agreement is when each and every party involved in the contract agrees to accept the contract and its components. All parties must recognize and acknowledge that an agreement has been made and duly accepted.

Consideration states that 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 are an essential part of a legal binding contract. A person or entity (such as a business, trust, or corporation) must be legally competent. 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 states a legal contract cannot require any party to break knowingly the law. If so, the contract is usually void.

All contracts must be in writing. The Statute of Frauds is a State law that requires all real estate contracts be in writing in most states.

After completing this course, the real estate professional will be able to identify the essential elements of a valid contract.

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