Required elements of a contract: competent parties, legal objective, offer and acceptance, consideration, no defects to mutual assent. In writing (per statue of frauds: proper description of property. Advantages of standard form contracts: prepared by local real estate boards and bar associations, neutral between buyer and seller, ready-made treatment of details, adapted to locally important issues. Components of a standard form contract: part 1. Items to be negotiated (price, date of closing, etc. : part 2. Items that must be clear (the same for most transactions) Contract terminology: contingent contract, assignment, escrow agent. Remedies of buyer and seller: suit for damages, rescission, specific performance (buyer, liquidated damages (seller) Roles of brokers and lender in the closing transaction: selling broker, listing broker, lender. Real estate settlement procedures act (respa) (1974: requirements. Borrower receives good faith estimate of closing sots. Closing statement available 24 hours before closing. 3 days under dodd-frank trid rule, 8/1/2015.