PSI General Portion Content Outline – Contracts
VII. Contracts (Salesperson 17%; Broker 18%)
A. General knowledge of contract law
- Requirements for validity
- Factors affecting enforceability of contracts
- Void, voidable, unenforceable contracts
- Rights and obligations of parties to a contract
- Executory and executed contracts
- Notice, delivery and acceptance of contracts
- Breach of contract and remedies for breach
- Termination, rescission and cancellation of contracts
- Electronic signature and paperless transactions
- Bilateral vs. unilateral contracts (option agreements)
B. Contract Clauses, including amendments and addenda
C. Offers/purchase agreements
- General requirements
- When offer becomes binding
- Contingencies
- Time is of the essence
D. Counteroffers/multiple offers
- Counteroffers
- Multiple offers