Contracts
What is the legal effect of a unilateral contract in Nevada real estate?
ABoth parties are immediately bound upon signing
BOnly one party makes a promise; the other party accepts by performing✓ Correct
CIt requires three parties to be enforceable
DIt is only valid if notarized
Explanation
In a unilateral contract, one party makes a promise in exchange for the other party's performance (not a promise). An open listing is a classic example: the seller promises to pay a commission only to the agent who produces a buyer.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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