Contracts

Question 0

Unilateral contracts

Answer 0

Open listings
Options

Only one party obligated to perform

Question 1

Bilateral contracts

Answer 1

Exclusive listings
Leases
Sales contracts

Both parties r obligated to perform

Question 2

Express contract/agency

Answer 2

Express intent is done orally or in writing

Question 3

Executory contract

Answer 3

One or both parties still have to perform duties

Question 4

In executed contract

Answer 4

All parties have fulfilled their obligations

Question 5

Void Contracts

Answer 5

It is missing essential elements and is unenforceable by either party

Valid if opposite

Question 6

Voidable Contracts

Answer 6

It can be rescinded by one or both parties.

Also contract entered into under duress, undue influence, misrepresentation, fraud, or with a minor, or incompetent person r voidable by the innocent party.

Contract w/contingency that Connor be met

Question 7

Unenforceable Contracts

Answer 7

If neither party can sue to force performance of the contract

Real Estate Contract must be signed

An oral agreement

Question 8

Statue of frauds

Answer 8

Require certain instruments, such as deeds, real estate sales and contracts, and certain leases be in writing to be legally enforceable.

Question 9

Addendum

Answer 9

Change to original contract, and is part of it.

Sign initial and date amendment

Question 10

Contingency Clause

Answer 10

Until fulfilled contract is voidable or unenforceable