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Which of these is an example of a unilateral contract

This Is For Real Estate Finance:

(1) Which of these is an example of a unilateral contract?

(a)   Lease

(b)   Agreement of sale

(c)    Option

(d)   Listing agreement

After making an offer but prior to receiving any response from the seller, a buyer changed her mind about buying a particular lot. She called her agent and said, “Withdraw my offer.” Her action is called a

(a)   counteroffer.

(b)   rejection.

(c)    breach of contract.

(d)   revocation.

(2) A buyer makes an offer to buy a seller’s house. Pursuant to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condominium. This is an example of

(a)   a mortgage contingency.

(b)   an option contingency.

(c)   a time-is-of-the-essence contingency.

(d)   a property sale contingency.

(3) All of these are essential to a valid real estate sales contract EXCEPT

(a)   offer and acceptance.

(b)   consideration.

(c)    an earnest money deposit, held in an escrow account.

(d)   legally competent parties.

May 22 2018 View more View Less

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