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TOPIC: Re:Real Estate Contracts
#6825
Steven Ransom ()
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Real Estate Contracts 8 Months, 2 Weeks ago Karma: 0  
I understand that contracts are involved in every aspect of real estate, and the most common real estate contracts are listing, purchase agreements, leases, options, mortgages, and land contracts(contracts for deed).

My Question is: "What is a bilateral Contact, and how is it used in the above real estate transactions? And also "unilateral contract" as well?

~Steven
 
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Last Edit: 2011/09/12 19:44 By steven_ransom@email.com.
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#6839
Steven Ransom ()
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Re:Real Estate Contracts 7 Months, 3 Weeks ago Karma: 0  
Contracts:
A contract is an agreement between competent legal parties to do some legal act or to refrain from doing some legal act in exchange for considration.

Express Contracts:
Under an express contract, the parties to the contract have definitely agreed on alll the terms and conditions in the contract.

Implied Contracts:
An implied contracts is one inferred from the conduct and actions of another without express agreement.

Bilatersal Contracts:
"Bi" mean two. A bilateral contracts is one in which two parties have made promises of some kind to each other (a promisies in exchange of a promises).

Unilateral Contracts:
In a unilateral contracts, one praty makes a promises in order to induce a second party to do something (a promises in exchange for performance).
 
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