Pros And Cons Of ABC Warehouse
ABC Warehouse entered into a contract to purchase a large piece of vacant land from Dave Developer. Land is usually characterized as real property. Real property is part of the six enforceable written types of contracts; meaning land contracts do need to be written contracts. Oral contracts are not enforceable, are hearsay, and are bad ideas to begin with. For the best interest of both parties a legal written contract is the right contract for land selling. When oral real-estate contracts are used, if in fact they are used, a person can not be sued for breaching a contract but a person can sometimes get the value of time spent and expenses in money but not the price of land; known as quantum valuit. In the contract, terms will be expected.