PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
A bilateral contract is formed by an exchange of promises, with each party becoming both a promisor and a promisee.
Contracts
Contract formation
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Bilateral contract mean?
A bilateral contract is formed by an exchange of promises, with each party becoming both a promisor and a promisee. Most purchase and sale agreements are bilateral.
How do you separate the nearest exam answer?
Bilateral means promise for promise. Unilateral means a promise accepted through completion of requested performance.
What changes or stays the same in Georgia?
The national formation rule applies in Georgia. Do not confuse bilateral with two people; several parties can be bound by reciprocal promises.
A seller promises to convey title, and a buyer promises to pay the agreed price on the closing date.
The number of signatures does not decide the classification. Identify what was exchanged for what.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A seller promises to convey a house on June 30, and a buyer promises to pay $350,000 that day. Three co-owners sign as sellers. How is this contract classified?
- A
Unilateral, since only the buyer pays money
- B
Multilateral, since more than two people sign
- C
Bilateral, since promises are exchanged
- D
Unilateral until closing, then bilateral
A bilateral contract is formed by an exchange of promises, with each side bound to perform. The sellers promised to convey and the buyer promised to pay, so it is bilateral no matter how many people sign. The number of signatures does not decide the classification.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Contracts complete lesson
https://www.passgeorgiarealestate.com/study-guide/contracts/classifications-and-status
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