Promulgated Forms – Champions (Champions School of Real Estate) with Complete Solutions.

Mutual Consent - ANSWER-"meeting of the minds" unilateral contract - ANSWER-A contract in which only one party is obligated to perform consideration - ANSWER-Something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time unenforceable contract - ANSWER-A contract that cannot be enforced due to some flaw or other issue in the contract valid contract - ANSWER-one that meets all requirements of law void contract - ANSWER-is invalid from the beginning and does not affect the parties. A contract to perform an illegal act is a void contract. voidable contract - ANSWER-is one that cannot be enforced against one or more of the parties. Most contracts entered into with minors are voidable at the option of the minor. Unenforceable Contract - ANSWER-is one that cannot be enforced due to some flaw in the contract, passage of time, or other issues that make enforcement impossible elements of a valid/enforceable contract - ANSWER-COLIC Competent parties, Offer and acceptance (mutual parties), Legal purposes, In writing, Consideration Competent parties - ANSWER-The general rule of law is that all parties to a contract have read it and understand it People w/o mental capacity to understand can have a voidable contract, same with minors mutual consent - ANSWER-is often referred to as a "meeting of the minds." For a contract to exist, there must have been a meeting of the minds (offer and acceptance) between the parties. legal purpose - ANSWER-A contract for an illegal purpose is void, and the law treats the contract as if it were never created. An example of a void contract would be one to have somebody killed or to deliver illegal drugs. All contracts must have a legal purpose in order to be valid in writing - ANSWER-in order to obey Statute of Frauds, leases for more than 1 yr and real estate must be in writing