Contract Law Quiz Attempt #4

A contract for sale that does not state the consideration and provides not basis for consideration is considered

A _______ can be an oral or written 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 the contract have

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

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

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

A promise to give up something of value may be known as ___.

Which is not a contract?

Both parties give up something in what contract?

When both parties return to their positions before a contract

When a minor signs to enter a contract, that contract is considered:

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 accepted only if the the buyer agree that the seller will take away the Chandelier in the living room. The buyer agree with this promise. At this point, the buyer has an:

What term means that the agreement of intent is indicated by actions rather than stated with words?

The intended use of a property becomes illegal before a contract closes, but the buyer and seller already have a binding agreement. How will their agreement or contract be looked at in the eye’s of the law?

Which of the following is NOT an element for a valid contract?: