Contract Essentials | Humber Real Estate Exam Prep | Essential Elements of Contract (4)

Welcome back to our mini-lecture series on the Six Essential Elements of a Legally Binding Contract! In this fourth installment, we delve into three crucial components that ensure the enforceability of contracts: Definite and Clear Terms, Lawful Object, and Genuine Intention.

Key Topics Covered:
☆ Definite and Clear Terms
Understand why contracts must have specific and agreed-upon terms to be binding.
Learn how vague terms can lead to unenforceable agreements, using real estate examples like unspecified closing dates.
☆ Lawful Object
Discover the importance of legality in contract terms.
Explore examples of illegal contracts, such as those involving criminal activities, price fixing, or tax evasion.
☆ Genuine Intention
Learn about the necessity of genuine intention in contract formation.
Examine how mistakes, misrepresentations, duress, and undue influence can affect the validity of an agreement.

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By mastering these concepts, you’ll be well-equipped to handle real estate contracts with confidence and integrity. Whether you're preparing for your Humber College Real Estate Licensing Exam or enhancing your professional knowledge, this video is packed with valuable insights.

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