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Elements of a Valid Contract

National · Contracts & Transfer of Title — free study notes for the real estate licensing exam.

📄 Contracts & Transfer of Title

📖 What you need to know

A valid contract needs: (1) OFFER and ACCEPTANCE (mutual assent / 'meeting of the minds'); (2) CONSIDERATION (something of value exchanged); (3) legal CAPACITY of the parties (age, sound mind); (4) a LEGAL purpose; and for real estate, it must generally be IN WRITING (statute of frauds). Missing an element makes the contract void or voidable.

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Related in Contracts & Transfer of Title

Offer & Acceptance — The DanceNationalContingencies — Escape HatchesNationalEarnest Money & Liquidated DamagesNationalOptions & Rights of First RefusalNationalAssignment vs NovationNationalStatute of Frauds & PerformanceNationalContracts — Validity & RemediesNationalValid Contract — Must-HavesNational

Questions students ask

Is Elements of a Valid Contract on the real estate exam?

Yes. Contracts & Transfer of Title is a scored domain on the real estate licensing exam, and this topic appears in the national portion.

Is this cheat sheet free?

Yes — every page on CinnaPrep's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.

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