Contracts
In Kentucky, a bilateral contract is one where:
AOnly one party makes a promise
BBoth parties make binding promises to each other✓ Correct
CTwo brokers are party to the same contract
DThe contract is signed in two separate locations
Explanation
A bilateral contract involves mutual promises — both parties make binding commitments. A typical real estate purchase contract is bilateral: the buyer promises to buy and the seller promises to sell.
Related Kentucky Contracts Questions
- Under Kentucky law, a purchase contract that includes a financing contingency must typically specify:
- In Kentucky, parol evidence may be used to explain or supplement a written real estate contract:
- In Kentucky, a 'concurrent condition' in a contract means that:
- Which of the following would be considered an 'executory' contract?
- In Kentucky, a real estate contract that requires the buyer to pay a non-refundable option fee for the right to purchase is likely structured as:
- An acceleration clause in a Kentucky mortgage means:
- Under a purchase agreement, 'time is of the essence' means:
- A Kentucky real estate contract becomes binding when there is:
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