KY 3.0 hours Contracts and Leasing - Course Syllabus
3.0 Kentucky Law
There are many types of contacts: Express and Implied Contracts, Bilateral and Unilateral Contracts, Executed and Executory Contracts, Valid, Void, Voidable, and Unenforceable Contracts. This course covers the different types of contracts and their roles in real estate.
An implied contract is an agreement that is found to exist based on the circumstances when to deny a contract would be unfair and result in unjust enrichment to one of the parties. It is created by the actions, rather than by written or oral agreement of the parties.
An express contract is one in which all elements are specifically stated in words. This may be written or oral. A Listing Agreement that has been signed by both parties is an example of an express contract.
A bilateral contract is one where both parties are obligated to perform. Each party promises to do or refrain from doing something.
A unilateral contract is one in which only one party is obligated to perform.
An executed contract is one where all parties have fully performed all of the terms, promises, and obligations within the contract.
An executory contract is one where the terms, obligations, and promises have not yet been performed.
Valid Contracts have all the required elements and is valid and enforceable in a court of law.
A void contract is not a contract and has no effect in a court of law and cannot be enforced in a court of law.
A voidable contract may appear to be valid and has all of the necessary elements to be enforceable, but has some flaw that could cause one or both of the parties to void the contract.
An unenforceable contract is a contract that cannot be enforced in a court of law. This could happen because the terms of the contract are ambiguous, if one party has a voidable contract or if the Statute of Limitations has expired.
This course explores the various types of contracts. This is important in real estate in determining the status of each party. In addition, elements of a valid contract are explored that must be in place for a contract to be enforceable in a court of law.