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