Contract Basics (Part 2) The Validity of contracts discusses when a contract is valid and what situations can impact the validity of a contract.
Key real estate terms mentioned in this video include:
Valid Contract – A contract that complies with the law and is completely enforceable.
Void Contract – A contract intered into for an illegal purpose
Voidable Contract – A contract that can be terminated by a party to the contract. For example, a minor could terminate a contract until the age of majority.
Unenforceable Contract – A contract that appears to be valid but can’t be enforced in court.
Misrepresentation –
Fraud – A statement made with the into to deceive.
Duress – Making someone do something against their will.
Undue Influence – Taking advantage of another to coerce or intimidate someone into signing a contract.
Best of luck with your studies…
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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Paul Vojchehoske
Real Estate Exam Prep, Real Estate Principles and Practices, Section 7: Real Estate Contracts