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Introductory paragraph
Contracts are legally binding agreements that are entered into by the parties with regard to property or service. Parties involved in a contract could be two or more. Parties should show mutual accord so that they could form a legally enforceable agreement. The elements of a contract with regard to real estate are analyzed in this essay.
Was the contract successfully fulfilled?
As a realtor in the state of Nevada, I enter into contracts with many clients who could either be sellers or buyers of real estate property. I owe certain duties to all parties involved in real estate transactions. Recently, I entered into a contract with the seller of a strategically located house in Nevada. I undertook to see that a formal contract was formed before we could transact. A contract is formed when an offeror promises an offeree an item (McKendrick, 2012; Rogers, 2012). If an offeree accepts an offer in the context of clear consideration, capacity, and legality, then a contract is formed. Therefore, the five elements of a contract are the following:
- Offer
- Acceptance
- Legality
- Consideration
- Capacity
When I heard from a friend that the owner of the house intended to sell it, I approached him and he offered a considerable price. We negotiated a bit and I accepted the final price that the owner of the house proposed. A valid contract that could be legally enforceable was formed because there was a valid offer and acceptance, a given value with regard to the property (consideration), capacity (the seller and I were of sound mind and we knew that we were entering into a legally binding agreement), and legality (we both understood that the agreement was for a legal purpose).
An offer is the willingness to act, which must be accompanied by an acceptance of another individual (McKendrick, 2012; Rogers, 2012). The offer that the seller gave was the readiness to sell the house to me. Many offers are limited by time. However, if an offer is not limited by time, then it could be valid until such a time when an offeror can revoke it. A contract is formed if an offeree accepts an offer presented to him or her by an offeror. Acceptance could be executed in writing or verbally. Thus, parties to an agreement are required to agree on the method of acceptance (Lando, 2007; Rogers, 2012). Consideration means that the benefit that an offeree intends to obtain from a contract is measurable in economic terms. Consideration should be accepted by both parties. If an item is underpriced, then a seller cannot go to court with regard to the shortfall because a legally binding agreement was formed. Minors and lunatics are not allowed to sign enter into contracts because they are regarded as lacking in a legal capacity. Thus, parties to a contract should be sane adults. The legality of a contract implies that one party could sue the other in court for breaching a contract. This intention is made clear in all contracts (Lando, 2007; McKendrick, 2012; Rogers, 2012). Therefore, my recent contract with the seller in the context of real estate was successfully fulfilled.
A breach of contract and available remedies
Fortunately, there was no breach of contract that we formed with the seller in the real estate. However, I was aware of the remedies that were available in case the legally enforceable agreement was breached. Examples are damages (compensation) and rescission (unmaking of a contract between an offeror and offeree).
Conclusion
The five elements that must be met in a legally binding contract have been analyzed. The illustration of the real estate transaction best exemplifies how the five elements could be applied to form a valid contract.
References
Lando, O. (2007). The Structure and the Legal Values of the Common frame of Reference (CFR). European Review of Contract Law, 3(3), 245-256.
McKendrick, E. (2012). Contract law: text, cases, and materials. Oxford, United Kingdom: Oxford University Press.
Rogers, S. (2012). Essentials of business law. San Diego, CA: Bridgepoint Education, Inc.
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