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- What is the time period of performance that requires contracts to be in writing? оо a. If a contract cannot be performed within one month, it is unenforceable unless it is in writing. b. If a contract cannot be performed within six months, it is unenforceable unless it is in writing. C. If a contract cannot be performed within one year, it is unenforceable unless it is in writing. d. If a contract cannot be performed within two years, it is unenforceable unless it is in writing.Which of the following represents the MOST accurate contractual definition of "consideration"? something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms earnest money something that both parties to the contract perceive as valuable something perceived as valuable by at least one party to the contractStandard form contracts are just as enforceable between businesses as contracts that result from extensive negotiations. True False
- An executed contract is a contract that has been written by an executive. Group of answer choices True FalseT/F All contracts involve promises and every promise is a legal contract .An offer was presented but the seller did not accept the offer, instead, he suggested different terms that would be more acceptable. A) This is a rejection of the original offer B)This is a counteroffer on the original offer C)This is a negotiation that keeps the original offer alive D) This kills the original offer, which can no longer be accepted
- 1) summarizing whether you believe that contracts are promises 2) Analysis whether and why contracts and promises should be treated the same or differently 3) in your analysis, consider the potential economic, legal and moral consequences of your answer.Which of the following is created once an offer has been unconditionally accepted? A. A conditional contract B. An agreement c.A binding contract D. A voidable contractParties to a contract ('the Pre-existing Contract) may terminate the contract by entering a further contract, which discharges the Pre-existing Contract. Group of answer choices True False
- Jorge works for a residential brokerage firm that represents both buyers and sellers in single agency relationships. In this situation, which of the following is TRUE? (a) It is acceptable for Jorge's real estate firm to represent both buyers and sellers as single agents in the same transaction. (b) Real estate firms may offer single agency representation to buyers or sellers, but not both. (c) Sellers and buyers being represented in a single agency relationship in the same transaction by the same real estate firm must first sign the Transition to Transaction Broker form to proceed, (d) Sellers and buyers being represented in a single agency relationship in the same transaction by different real estate firms must first sign the Transition to Transaction Broker form to proceed.When the contract is perfectly valid but cannot be enforced because of certain technical defects. This is called O a. Void contract. O b. Bilateral contract. O c. Unilateral contract. O d. Illegal contract.If a contract was found to be ambiguous, would you rather be the person who wrote the contract or the person who received the contract?