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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