A & B sign a rental agreement in which A agrees to lease her property to B in exchange for rent. This contract is:

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Study for the Washington Real Estate Fundamentals Rockwell Exam. Utilize flashcards, multiple choice questions with hints and explanations. Prepare thoroughly for your real estate career!

Multiple Choice

A & B sign a rental agreement in which A agrees to lease her property to B in exchange for rent. This contract is:

Explanation:
This is a bilateral contract. In a lease, both parties exchange promises: the landlord promises to grant possession of the property, and the tenant promises to pay rent. These mutual promises mean obligations exist on both sides, which is the hallmark of a bilateral agreement. Because the performance hasn’t happened yet, the contract is still executory rather than executed. It’s not unilateral, since there isn’t a single promise waiting for performance by the other party. It’s not void, as a typical, lawful lease is enforceable as long as it meets essential contract elements.

This is a bilateral contract. In a lease, both parties exchange promises: the landlord promises to grant possession of the property, and the tenant promises to pay rent. These mutual promises mean obligations exist on both sides, which is the hallmark of a bilateral agreement. Because the performance hasn’t happened yet, the contract is still executory rather than executed. It’s not unilateral, since there isn’t a single promise waiting for performance by the other party. It’s not void, as a typical, lawful lease is enforceable as long as it meets essential contract elements.

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