Description
Please read the instructions I have attached to complete a critical analysis paper.I have attached an outline of the paper. Make sure you follow the outline. Add what you see fit to the paper to make it stronger.There must be at least two other scholarly journal sources, other than the textbook. It must be three to four pages long, not including the References and title page).It must be in APA format. The link to the textbook is here: https://archive.org/details/andersonsbusines0000tw… (You would have to register to access it, but it’s a quick and easy process).
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Understanding the Importance of Contracts through a Case Involving a Real Estate
Property Transfer
Cole Bennett
[Course Name and Number]
[Professor’s Name]
December 24, 2023
2
Title: Understanding the Importance of Contracts through a Case Involving a Real Estate
Property Transfer
Thesis: Through a critical analysis of a property transfer contract, there is an understanding of
the importance of contracts for any unique situation to help avoid and resolve conflicts.
I.
Introduction
A. Definition of a contract in the context of real estate
1. Differentiating between a sale and transfer in real estate
2. Emphasizing the legal significance of contracts in real estate transactions
B. Thesis: Through a critical analysis of a property transfer contract, there is an
understanding of the importance of contracts for any unique situation to help avoid and
resolve conflicts.
II.
Description of the Property Transfer Contract
A. Overview of a specific contract example
1. Residential property transfer between my friend’s parents and their longtime
neighbor Mr. Stepahakolos (seller) and Mr. and Mrs. Osborne (buyer)
2. Mr. Stepahakolos, a longtime family friend of Mrs. Osborne and her family,
wants to give his property to the Osbornes’
3. Terms and conditions
4. The role of both parties in contract facilitation
III.
Elements Enforceable in Property Transfer Contract
A. Offer and Acceptance
1. Examining the initial offer made by Mr. Stepahakolos and its acceptance by the
Osbornes’
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2. How counteroffers and negotiations were conducted
B. Intention to Create Legal Relations
1. Assessing the parties’ intent to be legally bound in the real estate transfer
2. Any special considerations affecting this element
C. Consideration
1. Analyzing Mr. Stepahakolos and the Osbornes’ financial discussions for property
transfer, including the transfer of property taxes
2. Assessing the contract’s financial terms’ fairness and sufficiency
D. Legality of Purpose
1.
Ensure property transfer legality and related criteria
2. Addressing legal limits or regulations for real estate transactions
E. Capacity of the Parties
1. Verifying Mr. Stepahakolos and the Osbornes’ legal ability to sign the contract
2. Identifying variables affecting party capacity in real estate transactions.
IV.
Circumstances of a Breach of the Real Estate Contract
A. Detailed account of the breach incident
1. Failure of Mr. Stepahakolos to meet specified conditions before the closing date
a. The Osbornes’ response and assertion of breach
2. Failure of the Osbornes’ to meet specified conditions before the closing date
a. Mr. Stepahakolos’ response and assertion of breach
3. Examination of any mitigating circumstances or disputes regarding the breach
V.
Possible Remedies for the Breach
A. Legal remedies available to the Osbornes’
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1. Damages – assessing the financial impact on the Osbornes’
2. Specific performance – exploring the possibility of enforcing the original contract
terms
B. Mediation and Arbitration
1. Assessing alternate conflict settlement strategies
2. Examining roles in resolution
VI.
Conclusion
A. Restatement of thesis: Through a critical analysis of a property transfer contract, there is
an understanding of the importance of contracts for any unique situation to help avoid
and resolve conflicts.
B. Reviewing the significance of real estate contract components
C. How excellent contract management prevents and resolves property transaction problems
D. Recognizing legal and real estate experts’ responsibility in managing contract complexity
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References
Kull, A. (2020). Restitution as a Remedy for Breach of Contract. Routledge EBooks.
https://doi.org/10.4324/9781003073321-14
Malloy, R. P., Smith, J. C., Boyack, A. J., & Kelly, J. J. (2023). Real Estate Transactions:
Problems, Cases, and Materials [Connected EBook]. In Google Books. Aspen Publishing.
https://books.google.com/books?hl=en&lr=&id=pQTXEAAAQBAJ&oi=fnd&pg=PR1&
dq=real+estate+contract+breach&ots=HYcLDhAQ6E&sig=6ngO6cSuBVvglpLUoW1H
QGCkOkM
Sprankling, J. G. (2017). Understanding property law. Carolina Academic Press, LLC.
Twomey, D. P., Jennings, M., & Greene, S. M. (2021). Anderson’s business law and the legal
environment (24th ed.). Cengage Learning.
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