Assignment of a real estate contract transfers:
Why The assigning party's rights and obligations under the contract to a third party Is Correct
Answer B: The assigning party's rights and obligations under the contract to a third party
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
People Also Study
Related Delaware Questions
- In Delaware, a deed must be delivered to be effective. Delivery means:Property Ownership
- In Delaware, which party in a land contract (contract for deed) holds legal title during the contract term?Property Ownership
- In a Delaware real estate transaction, the doctrine of equitable conversion means that:Contracts
- Under Delaware contract law, 'specific performance' as a remedy means:Contracts
- Delaware is known as a(n) _____ state because an attorney must conduct the real estate closing.Escrow & Title
- An exclusive agency listing differs from an exclusive right-to-sell listing in that:Contracts
- The Delaware Seller Disclosure of Real Property Condition Act requires sellers to:Delaware License Law
- In Delaware, what happens to a real estate contract when the seller dies after accepting an offer but before closing?Contracts
Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →