Contracts
An agreement between two or more competent parties to do or not to do a legal act which is supported by consideration and if the parties fail to act they risk damages
• Statute of frauds • Who can write a contract? • Types of Contracts –Expressed –Implied • Bilateral • Unilateral
•Opinion 26
•Who can write a contract? •Undue influence •Discharge of a contract Partial performance Substantial performance Impossibility of performance
Mutual agreement
Operation of law
Terms
• Executed • Executory • Time is of the essence • Expressed • Implied
More Terms
• Escape Clause-Right of 1st refusal (contingencies) • Land Contract – Equitable title v equitable interest – Vendor - Vendee • Rescission v Revocation • Statue of limitations • Dual Contract – Go directly to jail do not pass go
Equitable Title
• The interest held by vendee (buyer) under a Land contract aka contract for deed or installment sales contract. • TIME IS OF THE ESSENCE • Right of first refusal • Lead-Based Paint Disclosure
Types of Contracts
• Void • Valid • Voidable
More Terms
• • • • • Assignment Novation Parol evidence rule Counter offer Partial Performance
–Roofing not none right
• Statue of limitation
Remedies
• Keep deposit as liquidating damages • Rescind and give deposit back • Sue for specific performance • Sue for compensatory damages
• New Construction
•5 Days to cancel
• New Homes: Sellers must
give list of offsite conditions to buyers.. List is at Municipal Office
More Terms
• • • • • Escape clause Riders or addendums Binder Option contracts Right of first refusal
– Tenant gets above if landlord gets an offer to purchase
• Equitable Title
– Interest in property other than legal title ie Land Contract
The End