Chapter 10: The Law of Contract

Learning Objectives

– Explain the essentials for a binding contract

– Describe the vendor’s and the licensee’s obligations in representing premises that are for sale and the consequences of making misrepresentations

– Explain the difference between “void”, “voidable”, and “unenforceable” contracts

– Describe the ways in which a contract can be terminated

– Define and explain the use of conditions precedent

– Explain the doctrine of privity of contract and how it interrelates with the right of a party to assign his or her rights under a contract

– Describe and apply the remedies available to an innocent party where a breach of contract has occurred