The lease must also indicate the person who will take possession of the property (known as a tenant) how long they will own and use the property and how much rent they will pay in exchange. When the lease ends, ownership and use of the property reverts to the original owner (known as the lessor). The property must be sufficiently described to allow a court to identify the property without having to look for evidence outside the agreement. The right address, including road, city and land, is usually sufficient. Imagine suzy wanting to sell her house to Leopold for $300,000, with a degree on May 13. She really wants Leopold to say “yes”, so she draws up a detailed sales contract and writes down all the conditional clauses to reject herself in Leopold`s favour. Because she made the deal so favorable to Leopold, Suzy thinks she is making an offer to Leopold that he cannot refuse. The status of fraud has at least two important objectives of public order. First, the requirement that real estate contracts be in writing leads the parties to think more carefully about what they are doing. Writing an agreement makes the parties more cautious and aware and leads to more thoughtful negotiations than in the case of an oral contract. Second, the status of fraud provides practical evidence of the parties` agreement.
A written contract protects against memory loss and minimizes disagreements between the parties about their agreement. You may have suspected that it was not easy to convince a court to impose an implied treaty, and you are right. As a rule, implied contracts are concluded only in the absence of essential elements of an explicit contract – the conditions have not been clearly expressed, or there is no written agreement or the parties do not agree on what has been said. In these circumstances, courts are generally reluctant to find that there is a contract. As a result, it is generally unwise to rely on implied contracts. Express contracts – in writing – are usually the smartest route. If a response does not match the initial offer, the law considers Leopold`s response a rejection of Suzy`s initial offer and a counter-offer that Suzy can now accept or decline as she pleases. Suzy`s initial offer is dead, but a new offer is under consideration. Leopold`s new offer includes all the terms of Suzy`s sales contract, but changes the price to $US 280,000 and changes the closing date to May 14.
Suzy is now able to accept or decline Leopold`s offer. She can say “yes” and Suzy and Leopold will have a contract, or she can refuse the offer by saying “no” or making her own counter-offer. .