Mac and Cathy are buying their first home together. They find a house that they really like, so they make an offer at full list price, and the sellers accept their offer. In order for the purchase and sale agreement they sign to be enforceable, all persons involved must agree to be bound by the terms of the contract, which is referred to as

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In this scenario, the purchase and sale agreement, which is a contract, is enforceable because all persons involved agree to be bound by the terms of the contract. Voluntary agreement typically comes about when one party makes an offer and the other accepts. If both the offer and the acceptance are freely, voluntarily, and knowingly made, the acceptance forms the basis for the contract.

Mac and Cathy Are Buying Their First Home Together