Contracts
A real estate contract in which both parties still have obligations to perform is called:
AAn executed contract
BAn executory contract✓ Correct
CA voidable contract
DA bilateral option
Explanation
An executory contract has obligations remaining for both parties. A real estate purchase contract is executory from acceptance until closing.
Related Tennessee Contracts Questions
- In a Tennessee real estate contract, 'mutual assent' refers to:
- In Tennessee, a 'seller's concession' in a purchase contract is an amount the seller agrees to pay toward:
- Rescission of a contract means:
- A real estate purchase contract that is unenforceable due to the buyer's minority (age) is best described as:
- In Tennessee real estate practice, when a buyer makes an offer and the seller changes any term and signs back, this creates:
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- Novation in a contract context means:
- Under Tennessee law, a real estate listing agreement that does not specify an expiration date is:
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