Contract Law Elements

These flashcards cover the essential elements of contract law, focusing on offer and acceptance, consideration, mutual assent, capacity, lawful purpose, and the requirement for contracts to be in writing.

What must a seller do to make a buyer's offer valid?

The seller must accept the offer without changes.

What happens if a seller changes the terms of the offer?

It becomes a counteroffer.

What is consideration in a contract?

Each party gives something of value; buyer gives money and seller gives property.

What is Mutual Assent?

Both parties agreeing to the same terms of the contract.

What are the key elements of Mutual Assent?

Price, property, and closing date.

What is required regarding the capacity to contract?

All parties must be legal adults (18+) and mentally competent.

What is the lawful purpose of a contract?

The contract must be for a legal purpose.

Why must real estate contracts be in writing?

To be enforceable and because verbal deals typically won't hold up in court.