Contract Law Quiz Attempt #3

When a contract for sale does not state consideration and provides no basis on which the consideration could be determined, the contract is considered

An agreement that is binding in a court of law, written or orally stated is referred to as a______

A minor inherited a commerical real estate property and has entered into a sales contract with a buyer. The contract may not include

A buyer changes her mind after agreeing to buy a property. The contract was:

If a mother is instucted by her children who are not on the title, to accept an offer on a property, this contract would be considered voidable becasue of:

A broker who took a listing discovers the client was deemed legally incompetent before the listing was signed. This listing is now

A real estate contract which does not state or provide basis for consideration, the contract is considered

A promise to give up something of value is known as ____.

Which of the following can’t be classified as contracts?

In what contract to both parties give up something?

When both parties return to their positions prior to a contract, this is called:

When a minor signs a contract, which of these terms describes said 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 informed the seller of the signed document and the seller has accepted. After the seller came back, all of the requirements has been of a contract have been fulfilled and both parties have done what they agreed to do in the contract. At this point, the buyer has an:

A ________ contract is when the agreement of intent is indicated by actions rather than stated.

A buyer’s intended use of a property becomes illegal before a deal closes, however the contract is already binding. Which of the following will occur due the intended becoming illegal?: