Contracts
In Kansas, which of the following is an example of a 'bilateral contract' in real estate?
AAn option contract
BAn open listing
CA purchase and sale agreement where both parties promise to perform✓ Correct
DA buyer's unilateral promise to pay for a property
Explanation
A purchase agreement is bilateral — the buyer promises to pay and the seller promises to convey, creating mutual obligations on both parties.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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