Contracts
In Virginia, a real estate contract that lacks consideration (no payment, no exchange of value) is:
AValid if both parties consent
BVoid — consideration is an essential element of a valid contract✓ Correct
CVoidable by the seller
DEnforceable if notarized
Explanation
Consideration (something of value exchanged between the parties) is an essential element of a valid contract. A contract without consideration is void and unenforceable.
People Also Study
Related Virginia Questions
- Which of the following is an essential element of a valid Virginia real estate contract?Contracts
- A Virginia listing agent receives an offer on a property they have listed. The agent also represents the buyer. Without written consent from both parties, this would constitute:Agency
- The Virginia Property Owners' Association Act (POA Act) requires that a seller provide a buyer with a POA disclosure packet. The buyer then has how many days to void the contract?Property Ownership
- In Virginia, a real estate contract is voidable (not void) when:Contracts
- A Virginia real estate contract that has been fully performed by both parties is called:Contracts
- A Virginia licensee who receives a copy of a ratified contract must provide it to all parties within:Virginia License Law
- Which Virginia contract contingency allows a buyer to have the property inspected and negotiate repairs or void the contract?Contracts
- The Virginia Condominium Act requires that a purchaser of a resale condominium unit receive a resale certificate. How many days does the buyer have to void the contract after receipt?Property Ownership
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 Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →