Contracts
A bilateral contract in real estate is one where:
AOnly one party makes a promise
BBoth parties exchange promises✓ Correct
COnly the buyer has obligations
DThe government is a party
Explanation
A bilateral contract involves an exchange of promises — both parties are obligated to perform. A standard purchase agreement is bilateral: the buyer promises to pay and the seller promises to convey title.
Related Alabama Contracts Questions
- In Alabama, an option to purchase is binding on the optionor (seller) but NOT on the optionee (buyer) because:
- An addendum to a real estate contract:
- An escalation clause in a purchase offer allows the buyer to:
- The integration clause in a real estate purchase contract provides that:
- When a seller accepts a buyer's offer with written modifications, the effect is:
- An Alabama purchase contract's inspection contingency typically gives the buyer the right to:
- In a real estate purchase contract, a home inspection contingency protects the buyer by allowing:
- A contract for the sale of real estate that does not identify a specific price is generally:
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