What is a valid Agreement of Purchase and Sale of a property?
A1. It is not necessary every agreement signed between Buyer and Seller, a valid Agreement depends on the following 5 elements: • The parties entering into a contract must be legally competent to contract (capacity of the parties). • The contractual arrangement must be lawful (lawful object or legality of object). • Each party must receive something (consideration). • There must be offer and acceptance (mutual agreement). • Both parties must consent to the terms of the contract (genuine intention). • The agreement must be certain (definite and clear). Without any one of the aboved element , the Agreement should be Null and Void), or has possibility to be Voidable: • Void (never came into existence); • Voidable (originally valid but capable of being rejected by the offended parties at a later time); or • Illegal (not enforceable by the courts). Back to Top Q2. Laws or Bylaws relating to Real Estate: A2.
