Question

Which of the following is NOT an essential element of a contract for the purchase of a one- to four-family residential resale property?a) Competent partiesb) Considerationc) Offer and acceptanced) Earnest money

Answer 1

Answer:

a) Competent parties

Explanation:

This is not an essential element of such a contract because basically we would not expect a minor to be involved in a transaction of a four-family residential resale property.

Remember, competent parties contract requirements are that the two parties in the sale contract should be persons legally and mentally capable of entering into contracts that is enforceable by law.