Contracts
A bilateral contract is one in which:
AOnly one party makes a promise
BBoth parties exchange mutual promises to perform✓ Correct
CThe contract is voidable by either party
DOne party pays and the other delivers services
Explanation
A bilateral contract contains mutual promises: both parties agree to do (or refrain from doing) something. A typical real estate purchase agreement is bilateral — the seller promises to convey title and the buyer promises to pay.
Related Nebraska Contracts Questions
- A 'liquidated damages clause' in a Nebraska purchase agreement means the parties have pre-agreed that the earnest money:
- A Nebraska purchase agreement requires the buyer to provide evidence of financing approval within 14 days. On day 15, the buyer has not provided the evidence. The seller may:
- In Nebraska, 'time is of the essence' is most commonly stated in a purchase agreement to ensure that:
- An 'acceleration clause' in a Nebraska mortgage means:
- A Nebraska purchase agreement provision stating that 'the seller shall not be liable for defects not known to them' is called:
- The term 'time is of the essence' in a real estate contract means:
- Specific performance as a remedy for breach of a real estate contract allows the non-breaching party to:
- A unilateral contract is one in which:
Practice More Nebraska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nebraska Quiz →