Baker v. Lilienthal

1. A contract for sale of real estate is valid and binding where it is in writing and contains the following essentials: (1) it must specify the parties, that is, the seller and the buyer; (2) it must sufficiently describe the subject-matter of the contract; and (3) it must name the consideration. The consideration need not be expressly stated, if the contract furnishes the key by which the amount of the purchase-price can be ascertained. “If the consideration is not all to be paid in cash, then the°times and amounts of deferred payments must be specified. When the contract expressly states…