Contracts
Assignment of a contract means:
ACanceling the contract and returning earnest money
BTransferring one party's rights and obligations under the contract to a third party✓ Correct
CAdding a contingency to the contract
DChanging the closing date
Explanation
Assignment transfers contractual rights (and sometimes obligations) from one party to a third party; real estate contracts may prohibit assignment without the other party's consent.
Related Indiana Contracts Questions
- Anticipatory repudiation occurs when:
- Indiana's home sale contingency commonly includes a 'kick-out' provision to allow the seller to:
- A contract is voidable when:
- In Indiana, an open listing allows the seller to:
- An Indiana buyer who discovers a material defect after closing that the seller failed to disclose may seek:
- In Indiana, an exclusive agency listing differs from an exclusive right-to-sell listing in that:
- Indiana's residential purchase contract typically specifies that the seller must provide the buyer with which utility information?
- In Indiana, an offer to purchase real estate may be withdrawn by the offeror at any time:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →