Essential elements of a valid contract in Texas flashcards
1
Q
Requires the agreement of both parties to the contract terms; also known as offer and acceptance.
A
Mutual agreement
2
Q
Something of value, even a promise to do or not do something.
A
Consideration
3
Q
Age of majority 18 and Texas and mental sound us
A
Competent parties
4
Q
Must be for a legal purpose
A
Lawful objective
5
Q
Required for real estate contracts
A
In writing and signed by the parties
6
Q
The most precise and accurate identification of the properties location, required in real estate contracts. Most commonly used types in real estate contracts are in reference to a recorded plat, or the meets and bounds description.
A
Legal description
