Real Estate Unit 11 Quiz

What is a contract?

• A voluntary agreement between parties without legal consideration

• A voluntary agreement or promise between legally competent parties, supported by legal consideration

• A mandatory agreement enforced by law

• A promise made without any legal backing

Which of the following is NOT a requirement for a contract?

• It must be voluntary

• It must be made by legally competent parties

• It must be supported by lawful consideration

• It must be written

What is the area of law that governs contracts?

• Criminal law

• Contract law

• Property law

• Family law

In an express contract, how do parties show their intentions?

• Through actions and conduct

• By stating the terms in words, either oral or written

• By signing a document

• By mutual understanding without words

What is a bilateral contract?

• A contract where only one party makes a promise

• A contract where both parties make promises in exchange for each other

• A contract that is not legally binding

• A contract that is implied by actions

What is a unilateral contract?

• A two-sided agreement with mutual promises

• A one-sided agreement with a promise to entice a second party

• A contract where both parties are legally obligated to act

• A contract that is always executed immediately

What is an executed contract?

• A contract where no parties have fulfilled their promises

• A contract that is signed but not yet performed

• A contract in which all parties have fulfilled their promises

• A contract that is voidable at any time

What is the essential element of a contract that involves the buyer's offer being accepted by the seller?

• Consideration

• Legal capacity

• Offer and acceptance

• Legal purpose

Which of the following is NOT a classification of contracts mentioned in the document?

• Valid, void, voidable

• Enforceable, unenforceable

• Express, implied

• Temporary, permanent

Who is the person to whom an offer is made?

• Offeror

• Offeree

• Agent

• Broker