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?