Notes

An executed contract can mean two different things: a contract signed by the parties, agreeing to all terms, or a contract in which all terms have been fulfilled.
Earnest money isn't required to have a binding sales contract (although it's usually required by the seller!). If no earnest money is provided, the prospective buyer's only consideration is the promise to pay the purchase price.
Real estate purchase agreements are executory during the period when the parties are still negotiating their terms; they are valid but not yet fully performed. When all parties have completed the terms of the contract, the contract is called executed.
Voidable contracts are ones in which one party has the option to void the contract; a void contract is not a contract because of lack of legality. An invalid contract is one that is missing a legal element.
In a bilateral contract, both parties have obligations; a unilateral contract is one in which there is only one party making a promise. For example: a $50 reward to help recover a lost cat.
An express contract may be oral or written and clearly states the terms of the agreement between the parties.
An implied contract has not been expressly agreed upon, but relies on the actions of the party to determine the agreement (e.g., when ordering lunch at a diner, it is implied that you will pay the bill).
In Maryland, anytime a licensee helps to prepare an agreement, it must be put into signed, written form.
The Maryland State of Frauds requires that all contracts for the transfer of any interest in real property that are for more than one year must be in writing and signed by the parties to the contract.
The Statute of Frauds requires that certain types of contracts, such as transfer of ownership in real property, be in writing to prevent injury from fraudulent conduct.
A minor who enters into a contract cannot be held to the terms of the contract. Only the minor can void the contract, not the other party.
For real estate contracts to be valid, they must have a legal purpose, legally competent parties, offer and acceptance, consent, be in writing, and have consideration.