This document outlines key elements of contracts including the basic requirements for a valid contract, ways for a contract to end, and circumstances where contracts must be in writing. It also summarizes different types of commission agreements, listing agreements for real estate brokers, and buyer representation agreements. Listing agreements can establish an exclusive right to sell, exclusive agency, open, or net listing. Buyer representation agreements define the roles and obligations of brokers and clients in real estate transactions.

2. Contracts in General
 Basic Elements of All
Contracts
› Legally Competent Parties
› Mutual Consent between the
Parties
› Genuine Assent
› Lawful Objective
› Consideration
 Discharge of Contracts
› Performance
› Release
› Mutual Rescission
› Assignment
› Novation
› Breach
 Certain Contracts Must Be In
Writing
› Texas Statute of Frauds
› Texas Property Code
Regarding Conveyances

3. Interpretation of Contracts
 Parol Evidence Rule
 Merger Clause
 Determining Conflicts in a Contract
› Contract Construed Against the Maker
 Statute of Limitations

4. Commission Agreements
 Types of Commission Agreements
 Definite Termination Dates Required
 Compensation
› Who Pays the Compensation?
› When is a Commission Earned and When is it Due?
› Collecting a Commission

5. Listing Agreements, Part I
 Listing Regulations
 Types of Listing Agreements
› Exclusive Right to Sell Listing
› Exclusive Agency Listing
› Open Listing
› Net Listing

6. Listing Agreements, Part II
 Sections of a Listing Agreement
› Parties
› Property
› Listing Price
› Term
› Broker’s Fee
› Listing Services
› Access to the Property
› Cooperation with Other
Brokers
› Intermediary
› Confidential Information
› Broker’s Authority
› Seller’s Representations
› Seller’s Additional Promises
› Limitation of Liability
› Special Provisions
› Default
› Mediation
› Attorney’s Fees
› Addenda and Other
Documents
› Agreement of Parties
› Additional Notices
› Signatures

7. Buyer Representation Agreements
 Residential Buyer/Tenant Representation Agreement
› Parties
› Appointment
› Definitions
› Term
› Broker’s Obligations
› Client’s Obligations
› Representations
› Intermediary
› Competing Clients
› Confidential Information
› Broker’s Fees
› Mediation
› Default
› Attorney’s Fees
› Limitation of Liability
› Addenda
› Special Provisions
› Additional Notices
› Signatures