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Study guide for 302 Post licensing test Correct 100%

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offer - ANSWER When the prospective buyer signs the completed form and its is delivered to seller enforced contract - ANSWER a promise or a set of promises which the law will enforce consideration - ANSWER mutual exchange of promises capacity - ANSWER lack of legal mental capacity 4 things essential elements of a contract - ANSWER 1. C onsideration 2. L egal Act 3. A gree mutually 4. P arties competent CLAP void vs voidable - ANSWER void, a contract that lacks an element or never existed voidable, a contract that one party has the right to void usually based on a lack of capacity. Is due diligence a bilateral or unilateral contract? - ANSWER unilateral contract Executed contract - ANSWER all tasks performed Executory contract - ANSWER task remaining to be done Express contract - ANSWER intentions stated

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