Capacity of Parties refers to the legal competence of all parties involved in a contract to understand and engage in the agreement. Ensuring that all parties have the full legal capacity is crucial for the contract's enforceability.
A state law that stipulates that certain contracts must be in writing to be enforceable. This includes deeds, mortgages, and other real estate contracts, except for leases shorter than one year.
In the context of real estate, a `void` agreement means that it has no legal force or effect and is unenforceable from the outset. A void contract does not legally bind any of the parties involved and is treated as if it was never entered into.
