Real estate contracts and agency(all solved)

types of contracts correct answers express vs implied unilateral vs bilateral express vs implied correct answers express - clearly stated (or "expressed") either verbally or in writing implied - automatically covers most consumer goods valued over a certain amount, but only provides a base level of protection for consumers unilateral vs bilateral correct answers Unilateral - only involves the promisary party bilateral - involves both parties required elements of a valid contract correct answers 1. offer 2. acceptance 3. considerations 4. mutuality of obligation 5. competency and capacity 6. written instruments contract performance correct answers executed vs. executory valid vs. void voidable vs. enforceable breach of contract, rescission and termination liquidated, punitive or compensatory damages statue of frauds time is of the essence executed vs. executory correct answers executory contract - a contract made by two parties in which the terms are set to be fulfilled at a later date executed contract - a contract made by two parties in which the terms have been fulfilled valid vs void correct answers valid contract - if a contract has all of the required elements, it is valid and enforceable in a court of law void - a voided contract is not a contract and has no effect in a court of law and cannot be enforced in a court of law. Most commonly, a void contract will be missing one or all the essential elements needed for a valid contract. voidable contract correct answers a contract which may appear to be valid and has all the necessary elements to be enforceable, but has some type of flaw which could cause one or both of the parties to void the contract