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California Real Estate Exam - Contracts (12% of state exam)Questions And Answers (Graded A+)
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Contract - ANSWERan agreement between parties creating obligations enforceable by law Express Contract - ANSWERis written or expressly stated Implied Contract - ANSWERCreated by action or evidence Unilateral Contract - ANSWERbinds one party Bilateral Contract - ANSWERan exchange of promise that binds both parties Items needed for a valid contract: (COLIC) - ANSWERConsideration Offer and Acceptanceterm-5 Legal parties In Writing Competent Parties Consideration: - ANSWERwhat will be paid for the property earnest money - ANSWERdeposit on the purchase Liquidated Damages Clause: - ANSWER-States that a forfeited deposit will be given to seller and buyer agency 50/50 *
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