Contracts
Which of the following is an essential element of a valid real estate contract in Missouri?
ANotarization
BMutual assent (offer and acceptance)✓ Correct
CRecording with the county
DApproval by MREC
Explanation
A valid contract requires mutual assent (offer and acceptance), consideration, competent parties, lawful purpose, and in real estate, must be in writing under the Statute of Frauds. Notarization and recording are not required for validity.
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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.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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