Please Note: Once your assignment is submitted and graded, the grade will be fin

Please Note: Once your assignment is submitted and graded, the grade will be final, no re-submissions will be allowed.
CHAPTER 5 – Contracts:
1. Define ‘contract’ and explain the difference between a unilateral contract and a bilateral contract, give examples.
2. What is an express contract? What is an implied contract? What is Offer and Acceptance? What must be completed after acceptance?
3. Name and define the 4 legal effects of contracts? Be specific.
4. Name and define the 5 essential elements of a real estate contract.
5. Name the 4 different types of real estate listing agreements. Which one is preferred by most real estate agents? Why?