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Does the consideration in a real estate contract needs to be specific I sell my house to another person and mention an approximate price is that an enforceable contract?
Wiki User
∙ 14y ago
"Approximate" prices are not just "mentioned" in contracts. Prices are stated clearly. In order to have a legal contract the consideration must be clearly stated. It forms the agreement. I agree to sell my house to you for XXXX amount of dollars and you agree to purchase it for XXXX amount of dollars. The language in the contract forms the enforceable agreement. No one should sign a contract in which the terms are not set forth clearly. However, you should ponder the legal meaning of "approximate" and from whose perspective it should be decided and you may understand why legal contracts must state the terms clearly.
Wiki User
∙ 14y ago
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What are characteristics of an offer?
An offer is a specific proposal to enter into an agreement with another. An offer is vital to the formation of an enforceable contract. An offer, and the acceptance of the offer, creates the contract.
Is An oral contract that is covered by the statute of frauds unenforceable?
Oral contracts are enforceable by law. But there are specific requirements for contracts to be in writing for certain agreements. The sale of real property or a contract that is more than a year in length are examples.
Can a promise to pay someone be consider an enforceable contract?
In general: yes, it could be. If you want to know whether it could be in your specific case... talk to an attorney.
What is difference between open cover and open policy?
An open policy and an open cover have the exact same meaning. They both cover loss or damage to goods that are being transported by a specific carrier but they differ in a manner where in Open cover is not an enforceable contract but an agreement and open policy is an enforceable contract of insurance.
Should court enforce all contracts?
There are Essential elements for valid contract, contract can be either by writing or orally. Literal and Unilateral contract are both enforceable contract under mistake example at common law are likely to be declare null and void, but equity may apply flexible measures like specific performance, injunction, rectification etc. Contract with a minor is valid and may enforce if its necessary for their necessity. Contract for illegal activities are non enforceable.
What are the basic requirements regarding an offer?
An offer is a specific proposal to enter into an agreement with another party, either personal or commercial. An offer is the essential element of an enforceable contract. An offer and the acceptance of the offer constitutes all that is necessary to create a legal contract.
Do you agree with Lord Dening's view on consideration?
Lord Denning's view on consideration was that the courts should not be too strict in requiring consideration in contract law to uphold agreements that are fair and just. Some legal scholars agree with this perspective, while others argue that consideration is an essential element in forming a valid contract. Ultimately, the interpretation of consideration may vary depending on the specific jurisdiction and context.
What is difference between contract and deed?
A contract is a legally binding agreement between two or more parties, outlining the terms and conditions of their relationship. A deed is a specific type of legal document that transfers ownership of property or grants specific rights to another party. Deeds often require specific formalities, such as being signed, witnessed, and notarized, to be legally enforceable.
If there is not contract do you still owe back rent?
Even if you do not have a written contract you still have a verbal contract if someone has agreed to rent you an apartment for a specific price. Verbal contracts are also enforceable (although not as easily as written contracts, since there may be no concrete evidence about what exactly was agreed). In any event, if you agreed to pay rent, then you do owe the rent that you agreed to pay, contract or no contract.
Difference between proposal and offer?
In plain English: A PROPOSAL (whether written or verbal) is an informal "guesstimate" as to what it might take to perform or fulfill a certain duty, task, or job. An OFFER is a specific document (always in writing to be legally enforceable) to enter into an agreement with another. An offer is essential to the formation of an enforceable contract.
What agreements are contract?
A contract is a legally enforceable agreementbetween two or more parties with mutual obligations. The remedy at law for breach of contract is "damages" or monetary compensation. In equity, the remedy can be specific performance of the contract or an injunction. Both remedies award the damaged party the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel.
What are the exceptions to a breach of contract?
One exception to a breach of contract is if the contract is illegal to begin with. A court will not recognize either party in a lawsuit if the contract is not lawful. Another exception might be the age of the participants. To be legally binding, a contract has to be between people who are adults at the time of the signing.
