Under California Civil Code §1550, which of the following is one of the essential elements required for a valid real estate contract in the state?
Correct Answer
C) Parties capable of contracting must provide mutual consent
California Civil Code §1550 lists four essential elements of a valid contract: (1) parties capable of contracting, (2) their consent, (3) a lawful object, and (4) sufficient consideration. Mutual consent from capable parties is a fundamental requirement.
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Previous Question
Kevin, a 17-year-old in California, signs a contract to purchase a residential property in San Diego for $600,000. His parents co-sign the agreement. Under California law, what is the status of this contract?
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Patricia offers to buy a duplex in Oakland for $750,000. The offer states it expires at 5:00 PM on Friday. At 3:00 PM on Friday, Patricia calls her agent and says she wants to revoke her offer. At 4:30 PM, the seller signs and delivers the acceptance to Patricia's agent. Under California law, is there a valid contract?