NC Post Licensing Contracts/Closings Exam Questions And Actual Answers.

Expressed Contract - Answer stated in words, orally or in writing Implied Contract - Answer Suggest from the conduct revealing intent of the parties to be bound Unilateral Contract - Answer 1 person, "Option to Purchase", one party who wants another party to perform some act in schange for his promise Bilateral Contract - Answer 2 people, "Offer to Purchase", promise is made by one party in exchange for a promise by another party Executed Contract - Answer Fully performed Executory - Answer Everything has not been fully performed Valid Contract - Answer satisfies all legal requirements, fully enforcable Voidable Contract - Answer performance can be avoided by one party Void Contract - Answer unenforceable in court of law "illegal contract" Essential Elements of a Contract - Answer -Mutual Assent (offer and acceptance) -Consideration (the bargained for exchange) -Legal contractual capacity of the parties -Lawful objective(purpose) and means of accomplishing objective -In writing (for certain types of contracts) Counteroffer - Answer is a rejection of the original offer