Necessary elements to form the contract

Necessary elements to form the contract In this scenario, the parties agreed to an oral agreement in regard to buying the house. All elements were met to form a contract. First, Paul and Pricilla Peterson made a promise to buy Danny Davidson’s house for $250,000.00 and Danny accepted their offer. Second, consideration was an element in this agreement that a value was promised in exchange for the house and both parties agreed on the amount. Third, the acceptance of the offer was expressed through words and mirrored the terms of the offer to sell and buy the property. Further, the parties had a meeting of the minds and understood and agreed to the terms of their oral contract (Elements of a Contract). In this scenario, the contract must have been signed by the seller and buyer of the property and both, the transferor and transferee must have been identified. In addition the written contract should have also included the price agreed upon and a description of the property. “The Statute of Frauds dictates that a contract for the transfer of an interest in real estate must be in writing and must be signed by the party against whom the contract is being enforced. Otherwise, the contract is unenforceable” (Contracts for the Sale of Real Property).
Proof of Breach of Contract
From the scenario, and although the oral agreement’s elements were met, it will be difficult to prove the Petersons’ claim against Danny’s breach of contract. The statute of Frauds law states that there must be a written agreement when selling or buying real estate and therefore the risk of the oral agreement being invalid is high. The Petersons should try to show proof and provide evidence that the breach of the contract exists with Danny not informing them about the land dispute with their new neighbors. This can be proved since the neighbors can be witnesses and verify that Danny had previous knowledge in regards to the land dispute. Regarding the soil condition issue mentioned in the