What are the essential requirements for a valid real estate contract in Connecticut?

A valid real estate contract in Connecticut, as in many jurisdictions, must satisfy several foundational elements to be legally enforceable. These requirements include:

1. Offer and Acceptance: This refers to the mutual agreement between parties, where one party proposes terms and the other party agrees to those terms. Both must clearly understand what they are agreeing to.

2. Consideration: For a contract to be valid, it must involve consideration, which is something of value exchanged between the parties. This could be money, services, or another form of value that demonstrates the parties’ intention to enter into a binding agreement.

3. Lawful Object: The subject matter of the contract must be legal. A contract that involves illegal activities or contravenes public policy cannot be enforced.

4. Competent Parties: All parties involved must have the legal capacity to enter into a contract. This means they should be of legal age, sound mind, and not under duress or undue influence.

While a written contract is highly advisable in real estate transactions for clarity and proof, it is not exclusively required in all cases; however, the Statute of Frauds typically necessitates a written form for agreements relating to real property. Notarization and