A contract is considered executed when

A$.$ consideration is exchanged.

B$.$ mutual assent is reached.

C$.$ all the provisions of the contract have been fully performed.

D$.$ an offer is made and the offeree accepts.

Which of the following would NOT create a voidable contract?

A$.$ ignorance

B$.$ duress

C$.$ fraud

D$.$ undue influence

A real estate purchase contract CANNOT be a

A$.$ bilateral contract.

B$.$ oral contract.

C$.$ express contract.

D$.$ executory contract.

A buyer offered full price on a home, but the seller felt he may have listed too low, so he made a counteroffer. The buyer did NOT accept the counteroffer. The seller then signed the original offer from the buyer. Which is true?

A$.$ The buyer is obligated to complete the purchase.

B$.$ The buyer is not obligated to complete the purchase; the listing broker who negotiated the transaction is due a commission.

C$.$ Neither the buyer nor the seller has any obligations in this situation.

D$.$ The original offer is now considered a contract, so the seller is now obligated to sell to the buyer.

A buyer made an offer on a property; he conditioned the offer on acceptance by the seller within $12$ days. Which is correct?

A$.$ The buyer cannot withdraw the offer until the twelve$-$day period has passed.

B$.$ The buyer can withdraw the offer at any time prior to acceptance by the seller.

C$.$ The buyer has no need to withdraw the offer because an offer that has not been accepted yet is void.

D$.$ The seller can stop the buyer from withdrawing the offer by making a counteroffer.

Claudette is buying a house; she signs a purchase contract and gives her agent an earnest money deposit. If the document specifies acceptance must be made in person, at what point is there a valid, legally binding contract?

A$.$ the moment Claudette signs the purchase agreement

B$.$ when the agent turns the earnest money deposit over to the brokerage

C$.$ once the seller accepts the offer and signs the purchase agreement

D$.$ as soon as the seller receives the signed purchase agreement

Linda enters into a unilateral contract with Johnny, who is her nephew. Johnny agrees to dispose of the old asbestos removed from Linda's attic by throwing out small bits weekly in his regular trash, and upon completion, she will compensate him monetarily. The status of this contract is

A$.$ executory.

B$.$ executed.

C$.$ void.

D$.$ valid.

A valid contract does NOT need

A$.$ mutual assent.

B$.$ duress.

C$.$ consideration.

D$.$ legally competent parties.