Title: Identify the essential elements of a valid contract.
Course: Real Estate (12154) > Section: Understanding Contracts

Identification should include the following components of a legal contract:

- COLIC:
  - Competent parties
  - Offer and acceptance (meeting of the minds)
  - Legal purpose
  - In writing and signed (statute of fraud)
  - Consideration (valuable or good)

- Date

DPOR correlation: 18VAC135-20-400. 4 (Contracts)

Process/Skill Questions:

- What is meant by a valid contract?
- What is meant by essential elements when referring to a valid contract?
- What are the essential elements of a legal contract?
- Who are legally competent parties?
- What is mutual agreement?
- What is legal purpose?
- What is the statute of frauds and its purpose?
- What are the types of consideration?