Choose the North Carolina concept that fits this description about Offer to Purchase and Contract (Form 2-T). Read the description and choose the matching concept. Description: The standard North Carolina residential sales contract form jointly approved by NC REALTORS® and the North Carolina Bar Association.
Correct Answer
C) Form 2-T Offer to Purchase and Contract
Form 2-T Offer to Purchase and Contract
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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