Posted by Brian on November 20, 2004 at 15:42:35:
Bill-
What if someone is intoxicated when they sign the contract?
Does that give them the right to claim it void the next day when they realize that along with the suspicious looking “scabs” that are now visible on their genitalia they may have made another poor decision that night?
After all, a venereal disease doesn’t care if your drunk or not when you got it, why should a savvy real estate investor?
What is a contract? - Posted by novice investor
Posted by novice investor on November 16, 2004 at 21:53:57:
What exactly is a contract. I set up a one page contract and was told that is was no good because it did not protect the seller. what is constituted as a contract? can I write one?
Re: What is a contract? - Posted by John Merchant
Posted by John Merchant on November 19, 2004 at 13:58:21:
Bill’s right and there are lots of weird cases where the K (contract) was written on shingle, brick, shirt, you name it (!) and was entirely legal.
The most basic definition is any agreement that contains Offer, Acceptance and Legal Consideration.
Re: What is a contract? - Posted by William Bronchick
Posted by William Bronchick on November 18, 2004 at 06:20:37:
A contract is a written agreement demonstrating a mutual assent of the
parties as to all the materials terms of the transaction. A contract can
be written on a napkin with lipstick and it is legal so long as the major
points are covered:
Of course, a usual contract contains disclosures, contingencies,
prorations, and a littany of other minutia, but a contract is not “void”
because it fails to protect the seller.