The following is a simple real estate contract:

I, Mr. J. Purchaser, agree to purchase and pay $50,000, and I, Ms. M. Seller, agree to sell the parcel of real estate at 74468 Hillcrest Blvd in Little Pebble, Arkansas.

Signed:Mr. J. PurchaserSigned:Ms. M. Seller

This simple contract contains all the necessary and essential elements for an enforceable agreement.We assume that Mr. Purchaser and Ms. Seller arecompetent.There is anofferfrom Mr. Purchaser of $50,000, and Ms. Selleracceptsby agreeing to sell.There isconsiderationstated for both:$50,000for the purchaser and, thepropertyis the consideration for the seller.The objective islegal, the property isidentified, and there ismutual consent.This is awrittencontract and both parties havesigned.

Question:Even though this contract is legal, there may be some disagreement later.If added, there are some key elements that would make the transaction much smoother.Namesixor more points that would cause the transaction to be delayed or even aborted.With no date of closing specified, the buyer will have a problem if the building on the property burns before closing.Explain.

Your answer may be in paragraph form with a list of the important points.