Contracts
In Illinois, a unilateral contract in real estate is most commonly exemplified by:
AA standard purchase and sale agreement
BAn option contract, where only the optionor is bound; the optionee has the right but not the obligation to purchase✓ Correct
CA listing agreement that binds both parties
DA lease-to-own agreement
Explanation
A unilateral contract is one where only one party makes a promise and the other party is not obligated to perform but may do so to enforce the promise. An option contract is a classic example: the seller (optionor) promises to keep the offer open for a period, and the buyer (optionee) pays option consideration. The buyer has the right (option) to purchase but is not obligated. Standard purchase contracts are bilateral—both parties have obligations.
Related Illinois Contracts Questions
- What does 'time is of the essence' mean in an Illinois real estate contract?
- A real estate contract becomes void if:
- Which of the following statements about specific performance as a remedy for breach of a real estate contract is MOST accurate?
- A 'kick-out clause' in a real estate contract allows the seller to:
- In Illinois, the Statute of Frauds requires that real estate contracts be:
- In Illinois, which of the following is an essential element of a valid real estate contract?
- Specific performance is a legal remedy in real estate that requires:
- A purchase contract states that 'time is of the essence.' This means:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →