Contracts
In Tennessee, a real estate contract is 'executory' when:
AIt has been fully performed by both parties
BIt has been signed but not yet fully performed✓ Correct
CA court has ordered its performance
DThe earnest money has been deposited
Explanation
An executory contract is one that has been entered into but not yet fully performed. A real estate purchase contract is executory from signing until closing.
Related Tennessee Contracts Questions
- A buyer defaults on a purchase contract that includes a liquidated damages clause. The seller's remedy is typically:
- In Tennessee, which of the following would make a real estate contract unenforceable under the Statute of Frauds?
- In Tennessee, 'anticipatory breach' occurs when:
- In Tennessee, a purchase agreement's 'closing date' represents:
- If a buyer's financing contingency is not met by the specified deadline and the buyer does not notify the seller, what is the likely result?
- In Tennessee, a contract that is 'executed' means:
- The doctrine of equitable conversion holds that once a real estate purchase contract is signed:
- 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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