•To remember elements of a valid and enforceable real estate contract:
C Competent parties
O Offer and acceptance (meeting of the minds)
L Legal purpose
I In writing and signed (statute of fraud)
C Consideration (valuable or good)
A contract does not have to be in any particular format to be valid, as long as it contains all the essential elements.
Contracts can be classified by their method of formation, their content, or their legal effect. The first classification is formal and informal contracts. - Formal contract, historically was in written form and under seal. -The term formal contract also refers to a contract that depends on a particular form.
· For Example:
a negotiable instrument such as a promissory note is referred to as a formal contract.a seal is not required to make a contract valid
This information is courtesy of Captain Wayne Rowlett and Rowlett Real Estate School www.rowlettrealestateschool.com
Rowlett Real Estate provides traditional classroom training in Panama City, Florida and in Destin Florida.
Feel free to visit our classroom schedule at
http://www.rowlettrealestateschool.com/fl-schedule.htm
Rowlett Real Estate School is a full service Florida real estate school with online real estate courses in most every state at
http://www.rowlettcareerschool.com/
P.Stone, RRES
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