A bilateral contract is one in which:
Correct Answer
B) Both parties make promises to each other
In a bilateral contract, both parties exchange promises. A sales contract is bilateral because the seller promises to convey title and the buyer promises to pay the purchase price. A unilateral contract involves only one party making a promise.
Why This Is the Correct Answer
More Contracts Questions
An offer to purchase real estate is terminated by all of the following EXCEPT:
Kansas REALTORS provides:
Johnny purchases a house, doesn't want furniture left behind. He signs Tuesday, changes mind Thursday, calls agent to add furniture to contract. What is this?
Which of the following is required for a valid contract in California?
Alaska REALTORS provides:
- → Earnest money in Kansas must be:
- → Kansas requires disclosure of:
- → Vermont closings typically involve:
- → Pennsylvania's Real Estate Recovery Fund provides:
- → Earnest money (down payment) in NY is typically held by:
- → Oregon carbon monoxide alarm requirements:
- → Earnest money in Oregon must be:
- → Earnest money in Nevada must be:
- → In Texas, which organization creates the promulgated contract forms that licensees must use?
- → Earnest money in Vermont must be:
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam