Professional Documents
Culture Documents
Introduction To Commmercial Real Estate Management 490 October 28, 2009
Introduction To Commmercial Real Estate Management 490 October 28, 2009
What is a Contract?
Bilateral Contract
Unilateral Contract
Enforceable
Void
Voidable
Unenforceable
Competent Parties
Accept Reject
Counteroffer
Lawful Objective
Consideration
Statute of Frauds New Mexico Statute of Frauds Why should contracts be in writing? Parole evidence rule
Fraud
Intention to deceive
Misrepresentation
Reckless Negligent
Mutual mistake
Lack of Capacity
Performance of Contracts
Performance/Discharge of Contracts
Assignment of Contracts
Novation
Inability to Perform
Breach of Contract
Notice and cure periods Usually governed by terms of contract If not, law will determine when default occurs No remedy until there is a default
Partial Performance
Unilateral Rescission Money Damages
Statute of Limitations
Purpose New Mexico: suit must be brought within six years for an action based on breach of a written contract New Mexico: four years for fraud or negligence claims