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Florida Real Estate Exam

Category - Florida

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Seller Stacey and Buyer Linda negotiated the sale and purchase of Stacey's condominium in Orlando over a two week period. Finally, they reached a meeting of the minds regarding the purchase price and terms of the sale. What type of contract exists at this point?

Implied contract.
Express contract.
Executed contract.
Option contract.

Explanation

Answer B - An express contract is an agreement wherein the terms are specifically stated by the parties, either orally, in writing, or a combination of the two.

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Florida Real Estate Exam

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Florida Real Estate Exam

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