<Li> Have a legal purpose: The contract is void if it calls for illegal action . </Li> <Li> Involve Competent parties: Mentally impaired, drugged persons, etc. cannot enter into a contract . Contracts in which at least one of the parties is a minor are voidable by the minor . </Li> <Li> Reflect a meeting of the minds: Each side must be clear and agree as to the essential details, rights, and obligations of the contract . </Li> <Li> Include Consideration: Consideration is something of value bargained for in exchange of the real estate . Money is the most common form of consideration, but other consideration of value, such as other property in exchange, or a promise to perform (i.e. a promise to pay) is also satisfactory . </Li>

What is a contract of sale real estate