Promulgated Contract Forms - Champions School Of Real Estate -with 100% verified solutions-2023-2024 mutual consent A "meeting of the minds" unilateral contract A contract in which only one party is obligated to perform consideration Something given in exchange for a promise option An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time unenforceable contract A contract that cannot be enforced due to some flaw or other issue in the contract Contracts may be valid, void, voidable, or __ Unenforceable valid contract one that meets all of the requirement of law void contract invalid from the beginning and does not affect the parties voidable contract one that cannot be enforced against one or more of the parties ( like contract w minor) unenforceable contract one that cannot be enforced due to some flaw in the contract, passage of time, or other issues that make enforcement impossible T/F: Contracts may be valid, void, voidable, but not unenforceable False T/F: Though the sale is closed, that does not necessarily mean the contract has been fully executed. False T/F: Contracts executed by minors are generally voidable at the option of the minor, but may be enforced by the minor against the adult party True T/F: Changes to the sales price, down payment or amount financed may not be agreed to by the parties for any reason False T/F: All oral negotiations are voluntary, and do not become binding until written. True T/F: All states have a limitation of time in which an individual may file suit in court for damages because a party breached a contract. True T/F: A contract for an illegal purpose is void, and the law treats the contract as if it were never created. True T/F: An novation to a contract is an attachment that adds or further describes the rights and duties of the parties. False T/F: An addendum to a contract occurs when a new contract is substituted for an existing one False T/F: Once all the terms of an offer have been agreed to and signed by the parties, and the acceptance communicated to the offeror, the contract becomes binding on the parties. True Linda is the buyer's rep for Guy, who is inheriting some money and wants to buy a home. Guy's offer of $190,000 has been accepted, and the parties have agreed to
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