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Real Estate Unit 11 Quiz

Authored by Jevon Barwari

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Professional Development

62 Questions

Used 1+ times

Real Estate Unit 11 Quiz
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the area of law that governs contracts?

Criminal law

Contract law

Property law

Family law

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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