Contracts
A Wyoming real estate contract requires 'mutual assent.' This means:
AThe broker must approve the terms
BBoth parties must agree to the same terms (meeting of the minds)✓ Correct
CThe WREC must review and approve the contract
DA court must validate the agreement
Explanation
Mutual assent (meeting of the minds) is a basic contract requirement meaning both parties must genuinely agree to the same terms. It is typically evidenced by a valid offer and acceptance.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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