Contracts are the essential part of all real estate transactions and no real estate can be transferred without the use of a written contract to prevent fraudulent practices and to be enforceable in a court of law.All real estate transactions are subject to the statue of frauds law.The law stems from British common law and was first established in 1677.(This chapter's primary purpose is the discussion of a basic contract and later on in the course we will add the necessary elements for real estate transactions.)

Please outline and briefly discuss the 5 elements of a generic legally binding contract. Which element of the contract do you consider the most important as related to real estate? Justify.

What is your opinion of the Statue of Frauds?Does it slow down the contract process?