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In New Jersey, the elements of a valid contract are: ? An offer (see Offer). An acceptance (see Acceptance). Consideration (see Consideration). Mutual assent and intent to be bound (see Mutual Assent and Intent to be Bound).

To be a binding contract, an agreement must have the following: (1) offer and acceptance, (2) the parties must have a "meeting of the minds" about the agreement's essential terms, (3) there must be valid consideration - in other words, there must be mutual obligations from each party to the other, (4) finally, there ...

For a contract to come into existence, an offer must be made by one party to another, and the other part must accept the offer. A consideration must take place for a legal contract to exist. This means each party involved, must give up something of value.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

An exclusive right to sell listing agreement will usually include a term length for the duration of the contract, termination rights in the event either party wants to end the contract early, terms for the agent's compensation, and a detailed description of the property being sold.

Under the terms of an exclusive right to sell listing, the agent is entitled to a commission regardless of who finds the buyer. With an exclusive right to sell listing, the real estate brokerage is guaranteed a commission if anyone sells the property during the listing period.