Contracts
Which of the following is NOT a required element of a valid Maine real estate contract?
AOffer and acceptance (mutual assent)
BConsideration
CWitnesses to the signatures✓ Correct
DLegal purpose
Explanation
The essential elements of a valid contract in Maine are: mutual assent (offer and acceptance), consideration, competent parties, and legal purpose. Witnesses are not required for a basic contract to be enforceable, though notarization may be required for recording a deed.
Related Maine Contracts Questions
- In Maine real estate transactions, a purchase and sale agreement is legally binding when:
- In Maine, a letter of intent (LOI) in a commercial real estate transaction is typically:
- Under Maine contract law, earnest money held by a broker belongs to:
- The Statute of Frauds in Maine requires that real estate contracts:
- Under Maine law, the Maine Seller's Disclosure of Property Condition form must be provided by the seller to the buyer:
- Under Maine law, specific performance is a remedy available to a buyer when:
- In Maine, a 'material breach' of a purchase and sale agreement by the seller means the buyer may:
- In Maine, a purchase and sale agreement signed by a minor is:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →