Unilateral Contract, Requires one party to perform only if the other party takes the necessary action, Voidable, Status of a contract when one party is a minor, under the influence of drugs or alcohol, or a property is damaged, Void, Status of a contract when it is for an illegal purpose or a party is declared incompetent, Not Consideration in a Real Estate Contract, Earnest money or the due diligence fee, Refund of EMD and DDF, NC remedy when a seller fails to provide RPOADS and the buyer properly terminates, Refund of Earnest Money, Buyer is entitled to this when they terminate an NCAR purchase contract by the due diligence date, Action Required When EMD/DDF Bounces or Is Not Delivered, Written demand and allow the buyer one banking day before the contract becomes voidable, Counteroffer, Rejection of the first offer and a new offer is made, Statute of Frauds, Requires most real estate contracts to be in writing to be enforceable, Connor Act, Law that requires certain real estate documents to be recorded to be enforceable against 3rd parties, 1 Things That Cannot Be In A Purchase Contract, Liability disclaimer, Drafting, Generally not allowed unless the broker is a party to the contract, Time is of the Essence, Drop-dead date that must be met or a party will be in material breach, Settlement, When all documents have been signed and funds delivered to the attorney, Closing, When cash and keys are exchanged after the deed is recorded, NCAR/NCBA OPC Allowed Delay, 7 Days, Operation of Law, Automatic termination of a contract through no intentional acts of the parties such as bankruptcy, Liquidated, Damages defined in the contract if a party breaches, Option to Purchase, Agreement that ties up a property for an agreed upon period, with all terms agreed to upfront

Contracts

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