California · Chapter 53 of 59
Contract Fundamentals
Elements of a valid contract, types of contracts (void, voidable, unenforceable), statute of frauds.
30-minute read · Built for the DRE Salesperson Exam
offer and acceptanceconsiderationcompetent partieslawful objectmutual consentvalidvoidvoidableunenforceablestatute of fraudsparol evidence ruleexpressimpliedbilateralunilateralexecutoryexecuted
What Is a Contract
A contract is a legally enforceable agreement between two or more parties. Real estate contracts are the foundation of every transaction. The five required elements: (1) Offer and Acceptance (mutual consent), (2) Consideration, (3) Competent Parties, (4) Lawful Object, (5) Writing (for real estate, per Statute of Frauds).
Civil Code §1549-1553
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