California DRE Salesperson Exam
Contracts
This module covers 12% of the California DRE Salesperson exam, about 18 questions. Master contract validity, void vs voidable, offer and acceptance, bilateral vs unilateral contracts, and remedies for breach.
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Contracts
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Key concepts
Four elements of a valid contract
Mutual consent, lawful object, sufficient consideration, and competent parties. All four must be present.
Statute of Frauds
Real property sales, listing agreements, and leases over one year must be in writing to be enforceable.
Void vs voidable
Void: no legal effect (illegal purpose). Voidable: one party can disaffirm (minor, fraud, duress, undue influence).
Counteroffer
Rejects the original offer entirely and creates a new offer. The original offer cannot be revived after a counteroffer.
Specific performance and liquidated damages
Specific performance forces completion. Liquidated damages (initialed deposit clause) limits seller's remedy to keeping the deposit if buyer defaults.
Option contract
Unilateral: only the optionor is bound. Optionee pays consideration for the right to buy at a fixed price within a set time.
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