Contract

A contract is a legally binding agreement that sets out the terms of a deal, whether a purchase, a sale, or a lease. To hold up, it needs four things: an offer, acceptance, consideration, and the mutual intent of competent parties.

CRE contracts come in several forms, including purchase and sale agreements, leases, and construction contracts. Each one spells out what every party owes and is owed, and gives them legal recourse if the deal is disputed or breached.