LAW 3330 Chapter Notes - Chapter 7: Posting Rule, Oral Contract, Estoppel
Document Summary
Agreement: offer and acceptance: an intention to be bound, subject matter & price. Consideration: what is being exchanged, money for land; land for land. Capacity: minors contract is voidable, when they become 18 or soon thereafter, people adjudicated mentally incompetent, all contacts are void. If they are found to be incompetent their contacts are voidable; not necessarily void: death or incapacitation of one party terminates the offer. Legality: you may revoke an offer anytime before acceptance, a rejection terminates the offer, time limit may automatically terminate the offer. Mutual consent: entered contract under free will. Contract: a promise or set of promises for the breach of which the law gives a remedy. Required terms in the written contract: names of buyer and seller, consideration: the price, signatures. Lease-to-own contracts: buyers who wish to eventually buy a home but must wait for their credit rating to be repaired. A title that a reasonable person would accept.
