What is a condition that must be met before a contract is enforceable?
contingencies. conditions that must be satisfied before the sales contract is fully enforceable. the contract clause that provides a contingency will include the following three elements: -actions necessary to satisfy the contingency. -the time frame within which the action must be performed.
How much time does a seller have to accept a buyer’s offer if the offer does not have an expiration date?
24 to 48 hours
Which of the following contracts must be in writing to be enforceable real estate?
The California Civil Code requires that the following contracts must be in writing to be enforceable: An agreement to lease real estate for more than one year or for the sale of real property or of an interest therein. A lease for one year or less need not be in writing to be valid.
What is an important legal feature of a contract?
A legal contract must have a lawful purpose, mutual agreement, consideration, competent parties, and genuine assent to be enforceable.
What is the purpose of a statute of frauds?
A statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury.
What are the UCC exceptions to the statute of frauds?
Equitable exception to Statute of Frauds dispensing with writing requirement when one party performed his or her part of the contract. Exception to Statute of Frauds’ one-year rule: if at its making, a contract could have been performed in one year, no writing is required.
Do both parties have to sign the writing to satisfy the Statute of Frauds yes or no?
In order to satisfy the writing requirement of the statute of frauds, both parties must sign the writing. Only the party against whom the contract is being enforced (i.e., usually the defendant) must sign the contract.
What constitutes a valid writing in the UCC is the same in the Statute of Frauds?
The UCC includes a statute of frauds, which is a state law that generally requires certain contracts to be in writing and signed by the parties in order to be enforceable. The UCC requires contracts to be in writing in these limited situations: Contracts for the sale of goods worth $500 or more.
When a party to a contract makes a unilateral mistake?
A unilateral mistake occurs when only one party is mistaken as to the subject matter or the terms contained in the contract agreement. This type of mistake is generally more common than other types of contract mistakes, such as a mutual mistake (an error that is shared by both parties).
What is the difference between an executed contract and an executory contract?
1) Executed and Executory Contracts – An executed contract is one that has been fully performed. Both parties have done all they promised to do. An executory contract is one that has not been fully performed.
What counts as a legal contract?
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.