MrThickRopes
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LSDefine
Simple English definitions for legal terms
real contract
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A quick definition of real contract:
A real contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or just a verbal agreement. The term "contract" can refer to the agreement itself or the physical document that represents it. A contract involves promises that must be kept, and if they are not, there are consequences.
A more thorough explanation:
A real contract is a type of contract that involves the exchange of a physical object or property. It is an agreement between two or more parties that creates obligations that are enforceable by law.
For example, if you agree to sell your car to someone for a certain amount of money, that is a real contract. The physical object being exchanged is the car, and the agreement creates an obligation for the buyer to pay the seller the agreed-upon amount of money.
Real contracts are different from other types of contracts, such as verbal contracts or contracts that involve services. In those cases, there is no physical object being exchanged, and the obligations created are not related to a specific piece of property.
Overall, a real contract is a legally binding agreement that involves the exchange of a physical object or property.