Terminating Real Estate Transactions

What We'll Cover

• Principals of Agency Law
• Elements of Contracts
• Contingencies
• Termination

Agency

Who is Who?

• Attorney - Client
• Broker - Client
• Brokerage - Broker
• Landlord - You
• Car Insurance Co. - You

Agency Problems

• Liability
• Undisclosed Principal
• Apparent & Actual Authority

Statute of Frauds

Contracts

Good Faith and Fair Dealing

Elements

• Offer
• Acceptance
• Mutual Assent
• Consideration

The Offer

• It's a promise
• Not a mere expression of intent
• Advertisements? Brochures?

Acceptance

• Usually expressed
• Can be inferred by conduct (or silence)
• Must be communicated to offeree or agent
• Can dictate manner of acceptance

Mutual Assent

Consideration

• Both parties give something up
• Seller: Title
• Buyer: Money

Counteroffers

• Attempts to change, add to, or qualify the terms
• Inserting a condition in an acceptance that is otherwise implied

Revoking an Offer

Contingencies

Notice

• When is notice "delivered"?
• Mailbox Rule

Impossibility

• Acts of God
• Death or Disability
• Illegality
• War

Termination

• Taste, fancy, or personal judgment
• Utility, fitness, or value
• Notice must communicate an unambiguous intention to terminate

Issues of Equity

• Estoppel
• Unjust Enrichment
• Quantum Meruit

Remedies

• Suit for Damages
• Specific Performance