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Real Estate Definition - contract

contract - a multilateral agreement between two or more parties in which each party agrees to perform or refrain from some act or deliver some property in exchange for a reciprocal promise or delivery from the other party. A valid contract requires competent parties, legal consideration, and mutuality of agreement and obligation. Although contracts generally need not be in writing, real estate contracts for more than a one-year lease must be evidenced by a writing to be enforceable. See also competent party, consideration, and Statute of Frauds.



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