Contracts
In Hawaii, which of the following is NOT an essential element of a valid real estate contract?
AA. Meeting of the minds (mutual assent)
BB. Lawful purpose
CC. Listing on the MLS✓ Correct
DD. Consideration
Explanation
Essential contract elements include offer and acceptance (mutual assent), consideration, legal capacity, lawful purpose, and in writing for real estate. MLS listing is not a contract requirement.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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