Basics of contract law in Georgia ; 1. A Meeting of the Minds ; 2.All actions upon simple contracts in writing shall be brought within six years after the same become due and payable. Georgia Code Title 13. Only certain very limited types of contracts can be canceled, within three business days after signing. In Georgia, like all other states, a contract is needed to enter into a contractual agreement to buy or sell a property. When one party does not perform its obligations under a contract, the other party or parties can file a legal claim for breach of contract. The Statute of Frauds in Georgia governs all contracts involving the sale and lease of "real property.