ContractsCâu 53 / 120
An 'executory' contract is one in which:
a.Something remains to be done by one or both parties
b.All obligations have already been fully performed
c.The contract has been declared void by a court
d.No consideration was ever exchanged
Giải thích
An executory contract is one that has been formed but not yet fully performed, such as a signed purchase agreement before closing. Once all parties complete their obligations, it becomes an executed contract. This distinction matters for determining remaining duties.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The essential elements of a valid contract generally include offer and acceptance, consideration, legal purpose, and:
- When a seller responds to a buyer's offer by changing the price, this response is legally a:
- A contract in which only one party makes a promise, such as an option to purchase, is a:
- A contingency in a purchase contract, such as a financing or inspection contingency, functions to:
- The remedy of 'specific performance' in a real estate contract dispute means:
- 'Liquidated damages' in a purchase contract typically refers to:
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