Contract Law Index

Outline of contract basics

I. History of Contract Law

II. What is a contract?

1. voluntary agreement or promise.
2. Parties to the Contract
3. Requirement of competency of parties
4. Must be for legal purposes
5. consideration

III. Types of Contracts

1. Express – the parties state their terms and show their intentions in words.

1. written
2. oral

2. Implied – the agreement of the parties is demonstrated by their:

1. acts
2. conduct.

IV. Classification of Contracts

1. Bilateral
2. Unilateral
3. Executed
4. Executory

V. Elements of a Contract

1. A competent party
2. Offer
3. Acceptance
4. Consideration
5. Legal object
6. Consent –

VI. Minimal Requirements of a contract

For a contract to be valid and enforceable under the Massachusetts Statute of Frauds, you must have a written memorandum with following minimal requirements:

1. A writing
2. Must identify the parties
3. Accurate description of property
4. Recital of consideration
5. Must be signed by the party to be charged
6. Basis for rescission

1. misrepresentation
2. fraud
3. undo influence or duress

VII. Validity of Contracts

1. valid
2. void
3. voidable
4. unenforceable –.

VII. Types of real estate contracts

1. Listing Contracts

1. Exclusive right to sell
2. Exclusive agency
3. Open listing
4. Net Listing (illegal)

2. Buyer Representation Contract

1. Exclusive buyer agency agreement
2. Exclusive agency buyer agency agreement
3. Open buyer agency agreement.

3. Offer to Purchase

A. Key Terms:

1. Parties
2. Dates
3. Legal description of property
4. Contingencies
5. Price
6. Earnest money
7. Terms
8. "Time is of the Essence"

B. Types of Offers

1. Counter
2. Back-up
3. Multiple offers
4. Letter of Intent
5. Options

4. Purchase & Sale Agreement (more detailed contractJ

1. Parties (identification of buyers and seller)
2. Description of property
3. Consideration
4. Time for performance and possession
5. Title Deed
6. Adjustment (proration of taxes, utilities, fuel, insurance etc.)
7. Casualty loss
8. Default provisions

1. Opportunity for cure
2. Liquidated damages

9. Contingencies clauses
10. Construction of agreement
11. Dates and signatures

VIII. Termination

1. Performance of the contract.
2. Expiration of the time for performance.
3. Partial performance with written acceptance by other party.
4. Substantial performance.
5. Impossibility of performance.
6. Rescission

1. By mutual agreement
2. Unilateral.

7. Operation of law.
8. Breach of contract.

IX. Remedies for Breach

1. At Equity

1. specific performance
2. injunction
3. rescission
4. lis pendens
5. vendor/vendees lien

2. At Law

1) monetary damages

1. expectation
2. benefit of the bargain
3. lost opportunity/profit
4. damages/losses suffered
5. replacement