This Is For Real Estate Finance:
(1) Which of these is an example of a unilateral contract?
(b) Agreement of sale
(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
(c) breach of contract.
(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.
(c) an earnest money deposit, held in an escrow account.
(d) legally competent parties.
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