Contracts
Which of the following is a 'bilateral contract'?
AA unilateral option contract for real estate
BA standard purchase and sale agreement where both buyer and seller exchange promises✓ Correct
CA listing agreement that only the broker signs
DA lease where only the landlord has obligations
Explanation
A bilateral contract involves mutual promises from both parties — each party is both a promisor and a promisee. A standard purchase and sale agreement is bilateral because both the buyer (promises to pay) and the seller (promises to convey) exchange binding promises. An option contract is unilateral because only one party (optionor) is bound.
Related Illinois Contracts Questions
- What is a 'Home Warranty' in an Illinois real estate transaction?
- A real estate contract can be discharged (ended) by mutual rescission, which means:
- A purchase contract that requires the buyer to obtain mortgage financing within 21 days includes a financing contingency. If the buyer cannot obtain financing within that period, the typical result is:
- Which of the following statements about specific performance as a remedy for breach of a real estate contract is MOST accurate?
- In Illinois, which of the following is an essential element of a valid real estate contract?
- The 'meeting of the minds' in contract law refers to:
- A seller who accepts a backup offer while under contract with a buyer should:
- An option contract in real estate gives the optionee (buyer) the:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →