Contracts and Contingencies

All licensees involved in the practice of real estate are necessarily involved in the preparation and negotiation of contracts. In this advanced contracts course, you will build upon basic contract law knowledge. You'll be introduced to the numerous problems that may arise in the formation, interpretation, and performance of a contract that may affect its validity. We'll also explore the concept of breach of contract and learn the consequences for a contract breach.

Conditions and contingencies are involved in most real estate transactions. In this course we'll introduce how conditions impact most contracts. You will also learn how to draft contingencies and their implications in a typical real estate transaction.

Course Topics

This course will address the following topics.

• Chapter 1: Elements of a Contract
• Chapter 2: Contract Performance
• Chapter 3: Termination of Contract
• Chapter 4: Conditions and Contingencies

Learning Objectives

At the end of this course, you will be able to

• Identify the four elements that must be present in every valid contract.
• Recognize the performance factors that can void a contract, such as fraud, misrepresentation, concealment, and duress.
• Describe the legal ways in which a contract can be terminated as well as the illegal ways, along with the restitution remedies available for breach of contract.
• Explain a properly formed condition or contingency and be able to rewrite an improperly crafted condition.

Course Progress and Completion

The course contains approximately 4 hours of reading material. Students must pass each activity in order to progress through the course. At the end of the course is a 10-question final exam that is not timed. Students have one attempt at the final exam. Failing to earn an 80% passing score requires the student to enroll in the course again (FAC 61J2-3.009(4)(a)). Re-enrollment is free.

A Notice of Satisfactory Course Completion Record is available immediately after passing the final exam. The successful completion record will be electronically uploaded to the Department of Business and Professional Regulation (DBPR) within 48 hours. Licensees can verify their continuing education records by using the DBPR's online services website, myfloridalicense.com