Mutual rescission of a real estate contract requires:
Why Written agreement by both parties to cancel the contract Is Correct
Answer C: Written agreement by both parties to cancel the contract
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
- Under Delaware fair housing law, discrimination based on marital status is:Fair Housing
- In Delaware, which party in a land contract (contract for deed) holds legal title during the contract term?Property Ownership
- What is 'subrogation waiver' in a Delaware property insurance context?Escrow & Title
- Adverse possession in Delaware allows a person to acquire title to another's property if they occupy it:Property Ownership
- An owner's title insurance policy in Delaware is typically purchased by:Escrow & Title
- Title insurance protects against:Escrow & Title
- The RESPA Closing Disclosure must be provided to the buyer at least:Escrow & Title
- In the income approach, before applying the cap rate, the appraiser must estimate:Property Valuation
Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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 →