Question

What acronym is commonly used to remember the elements of a valid and enforceable contract?

Answer 1

The acronym that is commonly used to remember the elements of a valid and enforceable contract is COAL.

What is the COAL acronym?

• Any contract must contain four basic features in order to be valid.
• In other words, a real estate contract must include these important characteristics in order to be legally binding.
• The abbreviation COAL might help you remember the four important contract elements.
• Consideration is defined as a value exchange. The parties' values exchange could be equal, but it is not needed.
• A proposal must be made. The buyer typically makes the offer in real estate negotiations.
• In a real estate contract, the offeree, who could be the seller or bidder depending on whether there were any counter-offers, will do this.
• The goal of the real estate deal must be legitimate.

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