Under a real estate contract, failure to meet an obligation is called:
a. Rejection
b. Damages
c. Default
d. Reversion
c. Default
The party who receives an offer to purchase is the:
a. Offeree
b. Offeror
c. Buyer
d. Agent
a. Offeree
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Contracts - Review Quiz (Bob Brooks)
Questions and Correct Answers | Latest
Update
Under a real estate contract, failure to meet an obligation is called:
a. Rejection
b. Damages
c. Default
d. Reversion
c. Default
The party who receives an offer to purchase is the:
a. Offeree
b. Offeror
c. Buyer
d. Agent
a. Offeree
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
When the parties to a contract are thinking of the same thing and there has been an offer and
acceptance:
a. The contract must be in writing to be valid.
b. A meeting of the minds has taken place.
c. The contract has been executed.
d. Each party is obligated to perform.
b. A meeting of the minds has taken place.
A contract which has no legal force or effect is:
a. Unenforceable
b. Voidable
c. Valid
d. Void
b. Voidable
A contract involving an exchange of promises between the parties is a(an):
a. Unilateral contract
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b. Binary contract
c. Bilateral contract
d. Novatory agreement
c. Bilateral contract
When one party or the other to a contract has the option of declaring it void but has not taken
action to do so; the contract is:
a. Unenforceable
b. Voidable
c. Unimpaired
d. Novations
b. Voidable
A contract which is created by the parties stating their intentions in words is a(an):
a. Executory Contract
b. Implied Contract
c. Expressed Contract
d. Executed Contract
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