Contracts
A South Dakota contract is said to be 'executed' when:
ABoth parties have signed the contract
BAll parties have fully performed all obligations✓ Correct
CThe contract has been notarized and recorded
DThe buyer's financing has been approved
Explanation
An executed contract is one in which all parties have fully performed their obligations. This differs from an 'executory' contract, where performance is still pending.
People Also Study
Related South Dakota Questions
- A South Dakota contract that is 'void' differs from one that is 'voidable' in that a void contract:Contracts
- In South Dakota, a contract for the sale of real estate is typically executed on which of the following forms?Contracts
- In South Dakota, 'impossibility of performance' as a contract defense means:Contracts
- In South Dakota, which of the following BEST describes 'substantial performance' in a real estate contract?Contracts
- If a South Dakota real estate licensee wishes to place their license on inactive status, they must:South Dakota License Law
- A South Dakota licensee who changes their employing broker must:South Dakota License Law
- In South Dakota, the relationship between a real estate broker and their client is best described as:Agency
- Which of the following is a fiduciary duty owed by a South Dakota seller's agent to their client?Agency
Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →