Chapter 7: Contracts

Bilateral Executory Contract

A listing agreement in which a seller agrees to pay a broker a commission if they produce a "ready, willing, and able" buyer and agree to use due diligence in procuring a buyer is an example of a(n):

An unenforceable contract.

A valid contract can be:

Performance

All of the following are essential elements of a contract, except:

Rejection by Offeree (Termination)

An offer is terminated by:

Breach

Failure to perform as agreed under a contract is known as a(n):

Voidable

If one party in a contract is coerced or placed under duress by the other party, the contract is _____ at the discretion of the injured party.

Offer and Acceptance

Mutual consent is typically evidenced by:

Failure to give a copy of the listing agreement to the seller and failure to include a definite termination date.

On an exclusive listing, a broker can be disciplined for:

Competency, mutual consent, lawful object, consideration.

The essential elements of an enforceable contract are:

A contract that is not to be performed for thirteen months.

Which of the following contracts needs to be in writing in accordance with the Statute of Frauds?