Contracts
In Florida, a 'bilateral contract' is one in which:
AOnly one party makes a promise
BBoth parties exchange promises (each is both promisor and promisee)✓ Correct
CThe contract is conditioned on a third party's approval
DTwo brokers are involved in the transaction
Explanation
A bilateral contract contains promises from both parties. In a standard Florida real estate sales contract, the seller promises to sell and the buyer promises to buy. This mutual exchange of promises creates a binding bilateral contract.
Related Florida Contracts Questions
- The Statute of Frauds in Florida requires real estate contracts to be:
- In Florida, what is the legal effect of a 'material misrepresentation' in a real estate contract?
- Which of the following best describes a 'contingency' in a Florida real estate purchase contract?
- Under Florida law, a real estate listing agreement is considered a:
- In Florida, a 'voidable' contract is one that:
- What is the legal difference between 'assignment' and 'novation' of a Florida real estate contract?
- A buyer in Florida signs a contract but is 17 years old (a minor). This contract is:
- A Florida purchase contract includes a 'mortgage contingency.' If the buyer cannot obtain financing by the specified deadline, the buyer may:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →