TX Prin. of Real Estate ONE Ch. Nine 9.2

Real estate broker

A listing contract exists between a seller and the...?

Bilateral Contract

A contract in which each party promises to do something is referred to as a...?

Bilateral Contract

A contract in which each party promises to do something.

Executory Contract

A contract in which something remains to be done by one or both of the parties.

Valid Contract

A contract that complies with all of the essential elements of a contact, and is enforceable and binding on all parties.

Executed Contract

A contract that has been fully performed

Void Contract

A contract that has no force or effect is referred to as a/an...?

A contract in which a property owner employs a real estate broker to market the property described in the contract.

Listing Contract

Voidable

That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Unilateral Contract

This contract is formed only if another party performs the requested act...?

Void

To have no force or effect; that which is unenforceable

Unilateral Contract

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.