7-PA Real Estate Salesperson Exam: Contracts VII Questions and Answers (100% Pass)
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Course
Real Estate
Institution
Real Estate
Contract
An agreement between two or more parties that is enforceable in
court
Requirements for a Valid Contract
(1)Offer and Acceptance
(2)Consideration
(3)Legally Competent Parties
(4)Legal Purpose
(5)Consent
(6)Statute of Frauds
Contracts must be voluntary!
Breach of Contract
Mast...
✓ If you wait too long to bring a lawsuit for breach of contract, making
the contract unenforceable.
Reasons for Termination of a contract
✓ (1)Partial performance of the terms (if the parties agree that
performance is close enough to completion.)
(2)Substantial performance (ex: finished a home but didn't polish the
doorknobs)
(3)Impossibility of performance (an act required by the contract cannot be
legally accomplished.)
(4)Mutual agreement of the parties to cancel the contract.
(5)operation of law
(6)Rescission
Rescission
Master01 | October, 2024/2025 | Latest update
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