Contract Law Quiz Attempt #2

After taking a listing, the broker discovers the client is legally incompetent. The listing is now

A sales contract for the sale of real estate that does not state the consideration and provides no basis on which consideration is considered

A _________ is an agreement that is binding in the court of law

A minor inherited a commerical real estate property and has entered into a sales contract with a buyer. What must be true about the contract

A buyer agrees to buy a property, and then changes her mind. The seller in this agreement has no recourse against the buyer. The contract was:

Which is a reason in which a contract would be able to be voided by the injured party?

When someone makes a promise to give up something of value, that is known as ____.

All of the following can be classified as contracts except:

When both parties give up something, what contract is it?

Which action, along with returning of a deposit, describes when both parties return to their positions before the contract?

Minors who sign contracts are said to possess what kind of contract?

A real estate professional has found a buyer for a seller’s home. The buyer has indicated in writing a willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the real estate professional. The real estate professional informs the seller of the signed document and the seller has accepted. At this point, the buyer has an:

What is the term for when a contract in which the agreement of intent is indicated by actions instead of stated?

The buyer and seller are in a binding contract but before the contract closes the buyer’s intended use of the property becomes illegal. How does the intended use becoming illegal effect the contract?

A sale contract states that buyer will purchase the property once their attorney approves the sale the following Saturday. The attorney’s approval is not a(n):