Contracts in General - What is a contract?
Disclaimer: This post does not constitute legal advice. If you need legal advice, please contact an attorney directly.
Contracts in General
A contract is an agreement between two or more parties to do or not to do certain things, supported by sufficient consideration. It is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act.
Key to every contract is the promise. In a real estate contract, the seller promises to convey title to the RE, and the buyer promises to pay the purchase price. Contracts promises are enforceable by law, provided the contract meets certain requirements. A contract defines the parties’ legal relationship and spells out their right and duties.
Disclaimer: This post does not constitute legal advice. If you need legal advice, please contact an attorney directly.
Usman Murtaza
REALTOR® | Foxfire Realty
M: 352.388.1188
A: 615 E. Silver Springs Blvd, Ocala, FL 34470
    |
Related Reads
- Preparation of Contracts - Discussing four types of contracts in real estate
- Essentials of a Contract
- Statute of Frauds and Statute of Limitations for Real Estate Contracts
Comments
Post a Comment