Contracts
A bilateral contract in real estate is one where:
AOnly one party is bound by promises
BBoth parties exchange promises and are mutually obligated✓ Correct
CThe government is a party to the transaction
DTwo brokers are involved
Explanation
A bilateral contract involves mutual promises from both parties. A purchase and sale agreement is bilateral — the buyer promises to pay and the seller promises to convey title. Both are bound by their promises.
Related Georgia Contracts Questions
- In Georgia, an offer to purchase becomes binding only when:
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- In Georgia, an offer to purchase real property must be communicated in writing because of:
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