For a Florida real estate contract to be legally binding and enforceable, it must be in writing (there are limited exception to the writing requirement) and have the following:
(1) Offer – A buyer must make a genuine offer to a seller.
(2) Acceptance – Seller accepts the offer.
(3) Consideration – The price one party pays for the promise of another party. Each of the parties gives something and gets something. The obligation of buyer to pay seller for seller’s property is buyer’s consideration and the obligation of seller to deliver the property to buyer via signing a deed is seller’s consideration.
Even if a contract includes an offer, acceptance, and consideration, it is still possible that the contract will not be legally binding if any of the following applies:
(1) Illegal – The parties to the contract cannot agree to do something illegal.
(2) Incapacity – The parties to the contract must have the capacity to enter the contract. They must be adults (18 or older) of sound mind.
(3) Meeting of the minds – The parties must intend to enter the contract and agree on the terms of the contract.