Contracts
A bilateral contract in real estate is one in which:
AOnly one party makes a promise
BBoth parties exchange mutual promises✓ Correct
CThe government is a party to the contract
DThere are at least two real estate agents involved
Explanation
A bilateral contract involves mutual promises from both parties — both are legally bound. A real estate purchase agreement is bilateral: the seller promises to convey and the buyer promises to pay.
Related Nebraska Contracts Questions
- A Nebraska real estate purchase agreement becomes void (not merely voidable) if:
- A 'kick-out clause' (release clause) in a Nebraska purchase agreement allows the seller to:
- The right of rescission under the Truth-in-Lending Act (Regulation Z) allows a borrower to cancel:
- A real estate contract is 'executed' when:
- A real estate contract that is 'voidable' means it:
- Which element is NOT required for a valid real estate contract in Nebraska?
- Which of the following is an example of 'earnest money' in a real estate transaction?
- A seller accepts a buyer's offer and both sign the purchase agreement. Before closing, the seller finds a higher offer. Can the seller accept it?
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