A contract requires the property description, purchase price, and closing date to be sufficiently definite. If the property address is wrong and the intended property cannot be identified, what element is lacking?
Correct Answer
A) Adequate property description and mutual assent
An enforceable real estate contract must identify the property with sufficient certainty. An incorrect address that prevents identification undermines both the description requirement and mutual assent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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