Bilateral Contract

Promise for a Promise

Unilateral Contract

Promise for an Act

Non-illusory Contract

The offer must be “non-illusory” in character,
that is it must actually bind the offer-or if it is accepted.

Valid Contracts

Capable Parties

Mutual Consent

Negated

Fraud

Mistake

Duress

Lawful Object

Consideration

adequate, good or sufficient

Statute of Frauds

In Writing

Contract performed within one year

Lease for more then one year

Listing

Another's DDebt

Not in writing

Lease for one year

Sell Personal Property, e.g. Business opportunity

Brokers sharing commission

Seller may sue broker for broken oral promise

Assignment if:

No personal quality to the promisor

or not expressly prohibited

Breach of Contract

Sue for Specific performance

Court Orders seller to sign deed

Liquidated Damages

3% percent of purchase price or deposit

Are divided equally between owner and broker

Listings

Exact terms the seller will accept

General Listing Requirements

Exclusive Contracts

Termination Date

Due Diligence

Net Listing

Disclose selling price and commission to seller

Broker Safety Clause

Receive Commission of introduced buyers after expiration date

Hold Harmless Clause

protect agent false information provided by seller

Commission

Seller may turn-down an offer which does not meet exact terms without being liable for commission

Adequate description

Street address OK if only one property per street

Cancellation

Seller may cancel listing anytime but may be liable for damages

Nomenclature

Listing Broker

Listing Agent or Office

Selling Broker

Selling Agent or Office

Deposit Receipt

Contingencies

Termination

Withdraw

Must Return the Deposit

Rejection of Offer by seller

Death of the Buyer

prior to of acceptance of the offer

Expiration

General Information

Vesting

Husband and wife

Community Property

Home Inspection

Buyer must pay for damages caused by inspector

If seller quickly fixes a problem

Buyer still is still bound to the contract

Multiple Offers

must be presented to seller at the same time

Arbitration Clause not signed

file in court

Deposit

broker must give deposit to seller if requested to do so

Option to Buy

optionee is under no obligation to buy

option clouds the title

Does not give Right To Use

Listing Agent's Option

must reveal any offers and the amount of profit

must obtain the written seller's consent

Miscellaneous

Desk Cost

Total Operation expenses/ number of sales people

Company Dollar

Gross Income - sales persons commissions

Commissions

Are negotiable noted in listing contract

Conservator

Court Order overseer of

Conservatee

lacks legal capacity to enter contract

If a seller decides to return liquidated damages to defaulting buyer

Broker not entitled to a commission

Exclusive probate listing

not exceed 90 days