Promulgated Contract Forms #351 Question and answer 2023 verified

Promulgated Contract Forms #351 Question and answer 2023 verifiedEssential elements of a contract include: A. Competent parties B. Offer and acceptance C. Consideration D. All of the above All of the above The One-to-Four Family Contract includes all the following EXCEPT: A. Street address and legal description B. Down payment, loan amount, and sales price C. Full and legal names of both parties D. Type of loan the buyer is obtaining Type of loan the buyer is obtaining If a seller counters a buyer's offer, it is considered a rejection. A. True B. False True It is considered illegal for a contract to include any discriminatory provisions. A. True B. False True The biggest majority of lawsuits come from the issue of: A. Fixtures vs. personal items that convey with the property B. Misunderstandings between brokers C. Non-disclosure D. Repair items Non-disclosure A seller, age 30, enters into a contract with a buyer, age 17. The contract is: A. Valid for both parties B. Void for both parties C. Voidable by the buyer D. None of the above Voidable by the buyer A bilateral contract is: A. A promise in exchange for a promise B. A promise made only by the agent C. A promise made only be the seller D. No promises A promise in exchange for a promise