CHAPTER 5 – Contracts: 1. Define ‘contract’ and explain the difference between a

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. What are the 4 classifications or 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?
Hint: If you have not obtained the required textbook as yet, I have posted the chapter reading under “Read Chapter 5” in the Module and make sure to review the PowerPoint.