Contracts
A bilateral contract involves:
AA promise in exchange for an action
BA mutual exchange of promises between two parties✓ Correct
CA one-sided obligation that binds only the offeror
DAn assignment of rights to a third party
Explanation
A bilateral contract consists of a promise for a promise; both parties are bound by mutual obligations (e.g., a standard purchase and sale contract).
Related New Jersey Contracts Questions
- A lease agreement is a contract that creates a:
- A counteroffer in a New Jersey real estate transaction legally:
- The NJ Contractor's Registration Act requires home improvement contractors to:
- If no attorney review notice is sent within the 3-business-day period in New Jersey, the contract:
- The New Jersey Seller's Property Condition Disclosure Statement requires sellers of residential property to disclose:
- Under the Statute of Frauds in NJ, real estate contracts must be:
- An option contract in real estate gives the optionee the:
- In NJ, 'time is of the essence' language in a contract means:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →