Contracts

Offer + acceptance + consideration + capacity + legal purpose = valid contract. Earnest money is customary, NOT required.

Statute of frauds: real estate sale contracts must be in writing to be enforceable.

Any change to an offer = rejection + counteroffer (mirror image rule).

Annoendem: document adding new terms to exisiting contract

admendment: document that changes exisiting terms

bilateral contract: both parties express their agreement to the contract's terms through mutual consent, creating legally binding obligations for each party.

Consideration: something of value exchanged between contracting parties, required for a contract to be legally binding

contingency: a condition in a contract that must be satisfied before the parties are obligated to complete the transaction

counteroffer: response to a other that changes its terms, rejects original offer and creates a new one

exclusive agency lisitng: a listing agreement where one broker is the sole agent, seller may sell property themselves without owing commison