Contracts and Closing 302 Study Guides And Answers Already Passed.

The legal remedy to enforce the terms of a contract is known as - Answer specific perfromance the essential elements of any type of contract include all of the following except - Answer agency disclosure All of the following are essential to the formation of a contract except - Answer performance The law requiring real estate contracts be in writing to be enforceable is the - Answer statute of frauds To assign a contract for the sale of real property is to - Answer transfer one's rights and responsibilities under the contract A contract created under duress is - Answer voidable a prospective buyer makes a written purchase offer through a buyer's agent at ABC realty. The seller accepts the offer as writtern. Seller communicates to a listing agent at XYZ Realty that the offer was signed. At this point in time... - Answer buyer can still withdraw the offer A buyer agreed to purchase a property for $230,000. The buyer gave a $7000 earnest money deposit to the listing broker. The seller was unable to transfer clear title, so the buyer subsequently demanded the return of his earnest money. The broker should - Answer return the entire amount to the buyer only if the seller does not dispute the return A buyer makes an offer on a $15000 property and gives an earnest money deposit of $1500 in the form of a personal check. The buyer then withdraws the offer before the seller can accept it. The broker should dispose of the earnest money by - Answer Returning it to the buyer On Monday, the seller receives a written offer on his vacant lot for $52000. On Tuesday, the seller counteroffers for a sales price of $54,500. On Friday, the seller withdraws the counteroffer and accepts