NC POST-LICENSING TEST STUDY GUIDE
Offer - ANSWER When the prospective buyer signs the completed paperwork
and delivers it to the seller.
enforced contract - ANSWER: a commitment or series of pledges that the law
will enforce.
consideration - ANSWER: Mutual exchange of commitments
ANSWER: Lack of legal mental ability.
Four important characteristics in a contract: ANSWER 1. Consideration
2. Légal Act
3. Agree mutually
4. P arties are competent CLAP
void versus voidable - ANSWER void is a contract that lacks an element or
never existed.
Voidable: a contract that one side has the right to void, typically due to a lack of
capacity.
Is due diligence a bilateral or unilateral contract? - ANSWER: unilateral
contract.
Executed contract: ANSWER all tasks completed
Executory contract - ANSWER job remains to be completed
Offer - ANSWER When the prospective buyer signs the completed paperwork
and delivers it to the seller.
enforced contract - ANSWER: a commitment or series of pledges that the law
will enforce.
consideration - ANSWER: Mutual exchange of commitments
ANSWER: Lack of legal mental ability.
Four important characteristics in a contract: ANSWER 1. Consideration
2. Légal Act
3. Agree mutually
4. P arties are competent CLAP
void versus voidable - ANSWER void is a contract that lacks an element or
never existed.
Voidable: a contract that one side has the right to void, typically due to a lack of
capacity.
Is due diligence a bilateral or unilateral contract? - ANSWER: unilateral
contract.
Executed contract: ANSWER all tasks completed
Executory contract - ANSWER job remains to be completed
