THIS IS A LEGALLY BINDING CONTRACT BETWEEN PURCHASER AND - mccookcentral k12 sd 2025

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The document is a legally binding Purchase Agreement between a Purchaser and Seller for the sale of a property located in Salem, South Dakota. It outlines the terms of the sale, including the purchase price of $80,000, earnest money deposit requirements, financing contingencies, appraisal conditions, and inspection rights. The agreement also addresses seller disclosures regarding property condition and lead-based paint hazards, as well as provisions for closing and possession of the property. Additionally, it includes clauses on mediation for disputes and specifies that South Dakota laws govern the transaction.

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What are the 3 requirements for a legally binding contract?

A contract is an agreement between parties , creating mutual obligations that are enforceable by law . The basic elements required for the agreement to be a legally enforceable contract are: mutual assent , expressed by a valid offer and acceptance ; adequate consideration ; capacity ; and legality .

What makes a purchase agreement legally binding?

A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. The seller can only accept the offer by signing the document, not by just providing the goods.

What is a binding agreement between buyer and seller?

A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property.

What is an agreement between a buyer and a seller called?

A sales agreement is a contract between a buyer and a seller that details the terms of an exchange. It is also known as a sales agreement contract, sale of goods agreement, sales agreement form, purchase agreement, or sales contract.

What is a legally binding contract between a buyer and seller?

A sales and purchase agreement is a legally binding agreement obligating a buyer and a seller to terms of a transaction. The SPA outlines all of the terms and conditions of the exchange and must be signed by both parties.