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Real estate purchase and sale contracts are complex transactions that must meet several legal requirements to be valid and enforceable. One of the essential elements in the formation of a valid contract is the principle of “mutual consent – mutual consent“.
Through the following scenario, we will explore the situation in which Josefa, a buyer, makes an offer to purchase a house, and the seller, Sara, accepts the offer. However, before the real estate agent can inform Josefa of Sara's decision, Josefa delivers a written notice withdrawing and canceling the agreement. We will analyze the validity of this cancellation and the legal implications in this particular case.
Key Elements for a Valid Contract
For a real estate purchase and sale contract to be considered valid, it must comply with certain essential elements:
- Competent Parties (competent parties): All parties involved in the contract must be legally competent to enter into contracts. This means that they must be able to understand and accept the terms of the agreement.
- Voluntary Act of Good Faith (voluntary act of good faith): The parties must act voluntarily and in good faith when entering into the contract. They should not be subjected to duress or undue pressure to accept the agreement.
- Consent (Mutual consent): All parties must give mutual consent to the terms of the contract. This means that they must agree to the terms and conditions set out in the agreement.
- Legal Purpose (legal purpose): The contract must have a legal purpose and must not be used to carry out illegal activities.
- Valuable Consideration (valuable consideration): There must be valuable consideration, that is, a value or benefit exchanged between the parties as part of the agreement.
The Situation Presented
In this case, Josefa, the buyer, makes an offer to purchase a house, and Sara, the seller, accepts the offer. However, Before the real estate agent can inform Josefa of Sara's decision, Josefa delivers a written notice withdrawing and canceling. the agreement.
The Validity of the Cancellation
The cancellation of a contract is legitimate when one of the parties decides to withdraw from the agreement before mutual consent is formed between both parties. In this case, Josefa chose to withdraw before Sara, the salesperson, had the opportunity to communicate her acceptance. This means that mutual consent was not achieved as to the terms of the contract, as the seller had not had the opportunity to express her acceptance. Consequently, the contract is considered invalid.
Conclusion
In summary, canceling a real estate sales contract before a mutual consent is formed is a legitimate action and results in the contract being voided. For a contract to be valid, all parties involved must agree to the terms and conditions. In this case, Josefa withdrew her offer before that mutual consent was formed, leading to the conclusion that there is no valid contract in place.
