NC Post 302
Essential elements of a contract - ANS1. Mutual Assent
2. Consideration
3. Legal Contractual capacity of the parties
4. Lawful objective and means of accomplishing objective
5. In writing
Offeror vs. Offeree - ANSOfferor makes the offer, offeree accepts
Counteroffer - ANSRejects the original offer
Methods of acceptance - ANS-Oral communication
- Personal delivery
- Electronically
- mail
Mailbox Rule - ANSAs long as it leaves the offeror's possession its deemed as communicated
Mutual Assent - ANSmeeting of the minds
Termination of offers - ANSrevocation, rejection, expiration, operation of law. Any offer can be
terminated prior to acceptance
3 things that mean you're under contract - ANSOffer, acceptance, communication of acceptance
Exception to revoke acceptance - ANSThe exception was an option contract
Streets and sellers - ANSsellers must state if streets are private or public
Fraud - ANSintentional deception resulting in injury to another person
Exemptions to property disclosures - ANS- Foreclosure
- New Construction
- Estate sales
- If buyer is the current tenant/renter
Statue of frauds - ANSmust be in writing to be enforceable
Novation - ANSSubstituting a new obligation for an old one or substituting new parties to an
existing obligation.
Essential elements of a contract - ANS1. Mutual Assent
2. Consideration
3. Legal Contractual capacity of the parties
4. Lawful objective and means of accomplishing objective
5. In writing
Offeror vs. Offeree - ANSOfferor makes the offer, offeree accepts
Counteroffer - ANSRejects the original offer
Methods of acceptance - ANS-Oral communication
- Personal delivery
- Electronically
Mailbox Rule - ANSAs long as it leaves the offeror's possession its deemed as communicated
Mutual Assent - ANSmeeting of the minds
Termination of offers - ANSrevocation, rejection, expiration, operation of law. Any offer can be
terminated prior to acceptance
3 things that mean you're under contract - ANSOffer, acceptance, communication of acceptance
Exception to revoke acceptance - ANSThe exception was an option contract
Streets and sellers - ANSsellers must state if streets are private or public
Fraud - ANSintentional deception resulting in injury to another person
Exemptions to property disclosures - ANS- Foreclosure
- New Construction
- Estate sales
- If buyer is the current tenant/renter
Statue of frauds - ANSmust be in writing to be enforceable
Novation - ANSSubstituting a new obligation for an old one or substituting new parties to an
existing obligation.
