Contract Law

Contract Law in Florida Real Estate Exam: Florida Real Estate Salesperson Last Updated: June 2026 --- ## Elements of a Valid Real Estate Contract For a contract to be legally enforceable in Florida, it must contain all essential elements. Missing any one element makes the contract void or voidable. | Element | Description | |---|---| | Offer and Acceptance (Mutual Assent) | A definite offer by one party and an unconditional acceptance by the other | | Consideration | Something of value exchanged by both parties (money, services, a promise) | | Competent Parties | Both parties must have legal capacity (age 18+, mental competence) | | Legal Purpose | The contract's purpose must be lawful | | Consent (No Defects) | No fraud, misrepresentation, duress, undue influence, or mutual mistake | | In Writing (Statute of Frauds) | Real estate contracts must be in writing and signed to be enforceable | > Exam Tip: The Statute of Frauds requires ALL real estate contracts to be in writing. An oral agreement to sell real property is unenforceable in Florida. This is heavily tested. --- ## Statute of Frauds — Florida Requirements Under Florida's Statute of Frauds (Section 725.01, F.S.), the following must be in writing and signed: - Contracts for the sale of real property - Leases for more than one year - Contracts that cannot be performed within one year - Listing agreements (to be enforceable against the seller for commission) A written contract must: 1. Identify the parties 2. Describe the property 3. State the price and terms 4. Be signed by the party to be charged (or their authorized agent) --- ## Offer and Acceptance ###…