A real contract is a legally enforceable agreement between two or more parties, which can be in written or verbal form. The term “contract” can refer to the agreement itself or the tangible document representing it. It entails obligations that must be fulfiled, and failure to do so results in consequences.
A real contract is a legally binding agreement that involves the exchange of a physical object or property. It creates obligations that are enforceable by law and is an agreement between two or more parties. For example, selling a car for a certain amount of money creates a real contract, with the car being the physical object being exchanged and the agreement creating an obligation for the buyer to pay the seller the agreed-upon amount. Real contracts differ from other types of contracts, such as verbal contracts or contracts for services, as they do not involve the exchange of a physical object and the obligations created are not related to a specific piece of property.
A real contract is a legally binding agreement between two or more parties that involves the exchange of tangible goods or property.
The essential elements of a real contract include an offer, acceptance, consideration (something of value exchanged between the parties), legal capacity of the parties, and a lawful purpose.
A real contract can be either oral or written, although certain contracts may be required to be in writing to be enforceable, such as contracts for the sale of real estate.
Yes, a real contract can be modified or amended if all parties agree to the changes and the modifications are supported by consideration.
If one party breaches a real contract, the non-breaching party may be entitled to remedies such as damages (monetary compensation), specific performance (forcing the breaching party to fulfill their obligations), or cancellation of the contract.
Yes, a real contract can be canceled or terminated before it is fully performed if both parties agree to the cancellation or if certain circumstances specified in the contract occur, such as a breach by one party.
In addition to the essential elements mentioned earlier, a real contract must also comply with any specific legal requirements imposed by the jurisdiction, such as licensing or registration requirements for certain types of contracts.
Generally, a minor (someone under the age of majority) does not have the legal capacity to enter into a real contract. However, there are exceptions for contracts related to necessities or contracts ratified by the minor upon reaching the age of majority.
No, a real contract entered into under duress (coercion) or undue influence (manipulation) may be considered voidable, meaning the affected party has the option to either enforce or rescind the contract.
In most cases, a real contract can be assigned to another party if the contract itself does not prohibit assignment and if the assignment does not substantially change the obligations or increase the burden on the other party. However, certain contracts, such as personal service contracts, may not be assignable.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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