promulgated contract forms

Void contract

• A valid contract/ an agreement that meets the requirements of law

• An agreement that is invalid from the beginning and does not affect the parties

• Cannot be enforced due to some flaw or those issue

• A contract for an illegal act is void

Voidable contact

• A contract where one party has the right to withdraw from the contract

• One of the elements of the contracts

• Offer and acceptance

• Cannot be enforced against one of the parties

Unenforceable contract

• A contract that violates the Statute of frauds and will not be enforced by the courts

• A contract that cannot that enforced due to some flaw or other issue

• Competent parties/ one of the elements of a valid contract or adults who are recognized by law as being able to contract with others

• Mutual consent

Mutual consent

• One of the elements of a valid contract

• In writing creates enforceability

• Meeting of the minds

• Offer and acceptance

Legal purpose

• One of the elements of a valid contract

• If the purpose of the contract is to do an illegal act, the contract is void

• In Writing/ creates enforceability of a contract according to the statute of frauds

• Elements of a valid contra

In Writting

Collic

• Elements of a residential home

• Elements of a valid and enforceable contract

• A contract during the time between execution and closing

• Earnest money is not a requirement for a valid contract

Executory contract

• A contract during this time between execution and closing/funding

• A contract that has been signed by the parties, but not yet carried out

• A sales contract before closing

• A contract for deed

Fully agree executed contract

• A contract for deed

• All the terms and conditions have been met

• The sales is closed

• Bilateral contract/ a exchange of promises binding both parties

Opinion

• Unilateral contract- A contract where only one party made a promise, only one party can be used

• A unilateral contract

• Changes to the closing date

• One party the buyer has the right to buy property at a present price within a negotiated time period