| No matter where you live in North
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| | have 'paid' something in exchange for the
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| America, you must have seen some
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| | promise of the other party. Consideration
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| humoristic vignettes depicting a
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| | must be of real value, but it does not
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| not-so-trustworthy Realtor intent at
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| | have to be money. For example, a mutual
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| selling a house to some innocent-looking
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| | exchange of promises is consideration per
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| couple. My favorite vignette, which still
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| | se.LEGAL INTENTIONFor a person to be
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| makes me chuckle today, goes back to a
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| | bound to a contract, he must seriously
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| few years ago when I was practicing real
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| | intend to create legal obligations. For
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| estate at United Realty. It involved a
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| | example, inviting a guest for dinner
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| Real Estate Agent of Pompeii Realty,
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| | would normally not be considered a
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| briefcase in hand, in the process of
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| | contract intended to create legal
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| selling a house to an ancient Roman
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| | obligations. The Law presumes that there
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| couple sometimes around 100 BC . The
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| | is legal intention in a contract
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| house is overlooking Mt. Vesuvius. There
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| | involving total strangers. On the other
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| is a black, threatening, ominous plume of
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| | hand, if the contract is between family
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| smoke coming out of the top of the
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| | members the Law presumes that there is no
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| volcano, and the Roman couple looks
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| | intention to be so bound (non arm-length
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| somewhat startled when the Real Estate
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| | transaction). However, this presumption
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| Agent - big smile on his face - delivers
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| | can be reversed if there is evidence to
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| the punchline: " Plus, with a view like
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| | show otherwise.CAPACITYEven when all the
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| this what could possibly go wrong" !What
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| | foregoing essential elements exist, a
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| is it exactly that you do when you sign a
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| | contract can still be void, voidable or
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| 'contract' . The term 'contract' means a
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| | illegal. A void contract is one which is
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| promise or a set of promises made by one
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| | deemed at Law never to have existed. A
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| person to another, which the Courts will
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| | voidable contract is slightly different:
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| enforce. A contract can contain a number
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| | it exists until it is repudiated by one
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| of promises or 'terms' to be performed by
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| | of the parties. An illegal contract is
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| either party. The person who makes the
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| | one which is made for an illegal purpose,
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| promise is called the 'promissor' and the
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| | and which is therefore always void.
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| person who can enforce that promise is
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| | Examples of voidable contracts are the
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| called the 'promissee' . If the contract
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| | ones made when one of the parties is an
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| contains several mutual promises, each
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| | infant, i.e. a minor or under the
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| party will be both a promissor and a
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| | majority age. In this case the contract
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| promissee. Contracts of Purchase and Sale
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| | can be voided by the infant. Likewise,
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| of land and interests in land usually
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| | when one of the parties is legally
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| have lots of mutual promises. Contracts
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| | insane, the contract is voidable. A
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| are a crucial part of every business
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| | special case is a contract stipulated
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| transaction, but not nearly as much as in
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| | when one of the parties is a limited
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| Real Estate. For instance, some contracts
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| | company or corporation. Three questions
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| are made verbally while others are made
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| | must be first answered before the
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| by simply exchanging letters or even
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| | contract can be enforceable: 1) whether
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| e-mails. This is not the case in Real
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| | the corporation does in fact exist and 2)
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| Estate, where it is a requirement at Law
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| | whether it has the capacity to enter into
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| that contracts be written down in usually
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| | the contract and 3) whether the person
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| lengthy legal forms to avoid uncertainty,
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| | signing on behalf of the corporation is,
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| ambiguity and to be binding .A contract
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| | in fact, the authorized signatory.LEGAL
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| has seven essential
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| | OBJECTQuite aside from blatantly illegal
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| elements:Offer.Acceptance.ConsiderationLe
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| | contracts such as, for examples,
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| gal Intent.Capacity.Legal Object.Genuine
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| | contracts to commit a crime or tort until
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| Consent.Each of these elements must be
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| | recently here in British Columbia certain
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| present for a contract to be binding and
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| | other types of contracts where considered
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| enforceable. Let's examine them
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| | illegal. For example, until the mid-80's
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| individually.OFFERAn offer is the promise
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| | contracts involving the sale of land made
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| made by one party to another. Save and
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| | on a Sunday were deemed to be a
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| except in Real Estate where the offer
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| | contravention of s.4 of the Lord's Day
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| must be in writing, an offer can be made
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| | Act(now repealed) and, thus, illegal and
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| in any form. In all circumstances,
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| | void. Since then, the Supreme Court of
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| however, an offer must be made in clear
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| | Canada has ruled that the application of
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| an unambigous terms. If more than one
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| | s.4 - in fact the entire Lord's Day Act -
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| interpretation can be given to an offer,
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| | is unconstitutional in that it infringes
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| neither interpretation will be followed
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| | on the freedom of conscience and religion
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| by the Courts. There are 'unilateral' and
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| | guaranteed by the Canadian Charter of
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| 'bilateral' offers. Offers to purchase
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| | Rights and Freedom.GENUINE CONSENTIf one
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| real property are bilateral, i.e.
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| | of the parties makes a misrepresentation
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| containing the exchange of mutual
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| | or if the contract contains an inherent
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| promises.An offer is not made forever.
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| | mistake, the contract may still not be
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| Offers can either be finalized, when all
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| | binding. A misrepresentation is, by
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| mutual promises are fulfilled. Or they
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| | definition, a statement which is false
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| can expire, if not timely accepted. Or
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| | and which must have induced one of the
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| they can be released, if one of the
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| | parties to enter into the contract. A
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| parties does not - or cannot - deliver on
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| | misrepresentation can be innocent,
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| the promise. Offers can also be revoked
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| | negligent or fraudulent and different
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| after acceptance, unless a term of the
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| | remedies are available to the party
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| offer stipulates that revocation is not
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| | suffering damages because of the nature
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| allowed.- as it is now the case in
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| | of the misrepresentation. If the
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| British Columbia for offers involving
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| | representation is innocent, the party can
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| land. A 'counter-offer' is simply an
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| | sue for rescission of the contract. In
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| offer from the offeree back to the
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| | the case of negligent or fraudulent
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| offeror. The legal effect of a
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| | misrepresentation, the affected party can
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| counter-offer is to terminate the
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| | sue for damages as well. Although
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| original offer and substitute the offer
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| | misrepresentation requires a statement to
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| of the offeree. What this means in
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| | be made, in Real Estate silence too can
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| practicality is that if the counter-offer
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| | result in some form of misrepresentation.
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| is not accepted, the offeree cannot try
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| | Disclosure of latent defects is one such
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| to accept the first offer unless it is
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| | example: failure to disclose latent
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| tendered again by the offeror. This is a
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| | defects on the part of the Seller will
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| point often times neglected in Real
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| | not, by itself, affect the consent of the
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| Estate, which has caused several tears to
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| | parties but will have similar
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| be spilled.ACCEPTANCEThe acceptance, like
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| | consequences as misrepresentation.In the
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| the offer, must be given in clear terms.
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| | case of inherent mistake, true consent of
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| It must be a positive act. For instance,
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| | the parties does not exist. The logic
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| an offer cannot state "If I don't hear
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| | behind this notion is that the parties
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| from you, I will assume you have
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| | were negotiating for a subject matter
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| accepted". Doing nothing will never be
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| | other than the one stipulated in the
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| considered legal acceptance. The rule at
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| | contract. A specific type of mistake is
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| Law is that where an offer is required by
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| | sometimes referred to as 'non est factum'
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| statute to be in writing, then also the
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| | , Latin for 'this is not my deed' . This
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| acceptance must be in writing in order
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| | occurs when a person executes one form of
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| for the offer to become a contract
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| | document thinking the document is
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| binding on both parties. Such is the case
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| | something else. Duress and undue
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| in Real Estate. An acceptance has no
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| | influence both affect the genuine consent
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| effect until it is communicated to the
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| | element of a contract. Duress occurs when
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| offeror. Communication can be made by
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| | a person is forced to enter into the
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| 'instantaneous means' as in the case of
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| | contract against his will. As a result,
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| telephone or teletype or fax
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| | the Courts will find the contract
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| communications, or e-mail or
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| | voidable at his option. Undue influence,
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| hand-delivery and by 'non-instantaneous
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| | on the other hand, is more subtle. Like
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| means' such as postal mail. The Law gives
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| | duress it results in one party losing his
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| the responsibility to the offeror to
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| | free will to contract out. However it
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| specify how he wants the offer to be
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| | occurs more frequently when a person is
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| accepted. If the offeror chooses a method
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| | in a superior or dominant position in
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| like slow mail, then he assumes the risks
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| | relation to another and uses this
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| involved in that type of service (such as
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| | influential position to induce the other
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| misdelivery).CONSIDERATIONFor an offer
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| | to enter into the contract. Again, if
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| and acceptance to form a contract there
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| | undue influence is found, the contract is
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| must be consideration or the contract
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| | voidable at the option of the innocent
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| must be signed under seal. Consideration
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| | party.Luigi
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| is defined as 'some right, benefit or
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| | Real Estate ChronicleLuigi Frascati is a
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| profit accruing to the promissor or some
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| | Real Estate Agent based in Vancouver,
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| forebearance, detriment, loss or
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| | British Columbia. He is the author of the
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| otherwise responsibility suffered by the
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| | Real Estate Chronicle, his weblog
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| promissee' . What this means is that the
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| | published online.
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| party trying to enforce the contract must
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|
