Oregon Real Estate Exam - Deck 10:
Contracts & Agreements Questions and
Answers with Verified Solutions | Latest
Updated 2026
A legally binding agreement Contract
between two or more parties
to do or not do something.
Competent parties, mutual Essential Elements of a Valid Contract
consent, lawful purpose, and
consideration.
Anything of value exchanged Consideration
(money, services, promises).
Proposal made by one party Offer
to another to enter into a
contract.
Unqualified agreement to the Acceptance
exact terms of an offer.
New offer made in response Counteroffer
to an offer, rejecting the
original.
, Both parties make binding Bilateral Contract
promises (e.g., purchase
agreement).
Only one party makes a Unilateral Contract
promise (e.g., option contract).
All terms have been Executed Contract
performed.
Some terms still remain to be Executory Contract
performed.
Has no legal effect from the Void Contract
start (e.g., illegal purpose).
Valid, but one party can Voidable Contract
cancel (e.g., minor or under
duress).
Meets all legal requirements Enforceable Contract
and can be upheld in court.
Law requiring real estate Statute of Frauds
contracts to be in writing to
be enforceable.
Offer → Acceptance → Offer and Acceptance Process
Communication = Binding
Contract.
Contracts & Agreements Questions and
Answers with Verified Solutions | Latest
Updated 2026
A legally binding agreement Contract
between two or more parties
to do or not do something.
Competent parties, mutual Essential Elements of a Valid Contract
consent, lawful purpose, and
consideration.
Anything of value exchanged Consideration
(money, services, promises).
Proposal made by one party Offer
to another to enter into a
contract.
Unqualified agreement to the Acceptance
exact terms of an offer.
New offer made in response Counteroffer
to an offer, rejecting the
original.
, Both parties make binding Bilateral Contract
promises (e.g., purchase
agreement).
Only one party makes a Unilateral Contract
promise (e.g., option contract).
All terms have been Executed Contract
performed.
Some terms still remain to be Executory Contract
performed.
Has no legal effect from the Void Contract
start (e.g., illegal purpose).
Valid, but one party can Voidable Contract
cancel (e.g., minor or under
duress).
Meets all legal requirements Enforceable Contract
and can be upheld in court.
Law requiring real estate Statute of Frauds
contracts to be in writing to
be enforceable.
Offer → Acceptance → Offer and Acceptance Process
Communication = Binding
Contract.
