Contracts
In NJ, a 'bilateral contract' (as opposed to a unilateral contract) is one where:
ATwo governments are parties
BBoth parties make promises to each other—a promise for a promise✓ Correct
COnly one party has obligations
DThe contract is written in two languages
Explanation
A bilateral contract involves mutual promises—both parties are obligated to perform. Most real estate purchase contracts are bilateral (buyer promises to buy; seller promises to sell).
Related New Jersey Contracts Questions
- In NJ, a 'back-up offer' is accepted by the seller when:
- A New Jersey purchase contract specifies that the sale is contingent on the buyer obtaining a mortgage at a rate not to exceed 7%. If the buyer qualifies only for a loan at 7.5%, the buyer may:
- Novation in a NJ real estate contract means:
- In New Jersey, residential contracts of sale typically include an attorney review period of:
- During the NJ attorney review period, which party may cancel the contract?
- Mutual mistake in a NJ contract occurs when:
- A NJ buyer's contract contingency on the sale of their current home typically includes a 'kick-out clause' that allows the seller to:
- New Jersey is considered an 'attorney closing state,' which means:
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