The basics of contracts and contract law and how contracts are used in the real estate industry are addressed in this course. Students will learn the differences between express and implied contracts and bilateral and unilateral contracts as well as how to classify a contract as being executed or executory. This course also explores the legal effects of a contract, the essential elements of a valid contract, how a contract can be discharged or terminated, and the various contracts used in real estate.
Upon completion of this course, the student will be able to:
- Define the term "contract"; Describe the elements which a valid contract must include; Discuss standardized forms most commonly used in real estate; Describe the need for clarity of parties' intention in contracts; Identify common changes to contracts; Explain fiduciary duty and breach of contract; Indicate the common "buzz words" which deserve special attention
- Describe oral, implied, and written contracts; Define ambiguous contracts and how they are handled by courts; Discuss equitable title, consideration, legal capacity, offers, and counteroffers
- Define reality of consent and legality of object; Identify fraud and misrepresentation; Evaluate mistakes of fact and law, undue influence and duress; Classify void, voidable, and executory contracts
- Describe bilateral and unilateral contracts; Define executory contracts and their discharge and termination; Explain accord, satisfaction, novation, rescission, specific performance, and liquidated damages
- Define terms and conditions of offers to purchase; Describe earnest money; Explain land contracts; Define mortgages; Describe due on sale; Discuss options and the right of first refusal
Contracts - South Carolina Real Estate Commission
End of Course Instructions
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