Contracts
Under Oklahoma law, a contract for the purchase and sale of real estate is considered 'bilateral' because:
ABoth buyer and seller must be licensed
BBoth parties make binding promises to each other — the buyer promises to pay and the seller promises to convey — making the contract mutually binding with reciprocal obligations✓ Correct
CTwo attorneys must review the contract
DThe contract must be signed in two locations
Explanation
A bilateral contract involves mutual, binding promises by both parties. In a real estate purchase contract, the buyer promises to pay the purchase price and the seller promises to convey marketable title.
Related Oklahoma Contracts Questions
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- In Oklahoma, a buyer's right to inspect a property under the purchase contract is typically exercised within the:
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