Texas Real Estate Contracts & Agreements

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Offer and acceptance (mutual assent), consideration, legally competent parties, and a lawful purpose. Real estate contracts must also be in writing to be enforceable under the Statute of Frauds.

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Any agreement for the sale or conveyance of real estate, or a lease for longer than one year, must be in writing to be enforceable.

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Consideration is anything of legal value exchanged between parties, such as money, a promise to act, or a promise to refrain from acting. It is a required element for a valid contract.

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A voidable contract. Examples include contracts signed by a minor or under duress — they are valid until the injured party chooses to void them.

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A void contract has no legal effect whatsoever from the beginning because it lacks an essential element, such as having an illegal purpose or involving a legally incompetent party who cannot contract.