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Define Contract in Real Estate

Contract: 

A contract is like a promise between two or more people (potentially enforceable). When you're buying a house, you sign a contract with the seller that says you'll give them money and they'll give you the house. Both you and the seller have to agree to all the terms in the contract and it has to be written down. This written contract is called an enforceable contract because it can be enforced by law.

Example: 

To make a contract, you need something called "consideration," which means both sides have to give something to make the promise valid. For example, in the home buying contract, you are giving money and the seller is giving you the house.

Once you make the contract, you have to accept it. This means you agree to everything in the contract and you sign it. The seller has to accept it too by signing it. When both sides accept the contract, it becomes a legally binding agreement.

But what happens if one side doesn't keep their promise? That's where enforcement comes in. If the seller doesn't give you the house or you don't give them the money, the contract can be enforced by the law. This means that you could go to court to make sure the seller gives you the house or that you get your money back.

To summarize, a contract is like a promise that's written down and agreed to by both parties. It needs to have something called "consideration," and both sides need to accept it for it to be a legally binding agreement. Provided that the contract is lawful, it can be enforced by legal means in the event that one party fails to uphold their end of the agreement.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

A contract is a promise, you see
It's written down for all to agree
Both sides give something, that's the key
So it's a fair deal, don't you agree?
Accept it and sign it, don't delay
A legally binding agreement, hip-hip-hooray!