Contracts
A NC real estate contract that lacks 'consideration' is:
AValid if both parties signed it
BUnenforceable — consideration is a required element of a valid contract✓ Correct
CValid as long as it is in writing
DValid if notarized
Explanation
Consideration (something of value exchanged by both parties) is a required element of every valid contract. A contract without mutual consideration is unenforceable.
Related North Carolina Contracts Questions
- Under NC's standard Offer to Purchase, what happens if the property is substantially damaged by fire between contract acceptance and closing?
- In North Carolina, which contract form is most commonly used for residential real estate transactions?
- An addendum to a North Carolina real estate contract:
- Under NC contract law, 'time is of the essence' means:
- A North Carolina contract is 'executory' when:
- In North Carolina, the 'due diligence fee' paid at the time of an offer is:
- Which of the following would most likely make a NC real estate contract voidable?
- In North Carolina, the 'due diligence fee' paid at contract execution is:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →