Task John wishes to purchase a house in North Sydney and seeks your adviceto explain to him the main elements of a contractand the effect if any provision is breached.

He has been advised by the real estate agent:

1.Price $1.1million

2.Property 10 Smith Street Manly NSW

3.FeaturesRare antique clock

Your answer should refer to the importance of the about matters.

Word LimitNo set limit

When does a valid contract come into existence?

What are the elements of the contract?

What could be negotiated to be shown in the final contract?

What kind of Australian land law could be used in the contract?

What kind of term of breach could happen in this contract?

If any breach of term happen, what may lead John terminate the contract and lead to what damage?

And what other aspects should I cover?