Chapter 11 -Real Estate Contracts

Question 1

Contract

Answer 1

A voluntary agreement or promise between legally competent parties, supported by legal consideration to perform a legal act
Be voluntary
Be an agreement or a promise
Be made by legally competent parties

Question 2

Express contract

Answer 2

Exists when the parties estate the terms and show their intentions in words. An express contract may be oral or written.

Question 3

Implied Contract

Answer 3

The agreement of the parties is demonstrated by their acts and conduct.