Classification of Contracts

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Real Estate Contracts
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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Real Estate Contracts

Section 14 of 45

Contracts come in different flavors. You need to know the pairs.A. Bilateral vs. UnilateralBilateral: "Two Promises." Both parties are obligated to do something.Real Estate Example: A Sale and Purchase Contract. (I promise to sell; you promise to buy).Unilateral: "One Promise." Only one party is obligated. The other party can act but doesn't have to.Real Estate Example: An Option Contract. (I promise to sell you my land for $100k if you decide to buy it within 30 days. You don't have to buy it, but if you do, I must sell).