PSI General Portion Content Outline – Contracts

VII. Contracts (Salesperson 17%; Broker 18%)

A. General knowledge of contract law

  1. Requirements for validity
  2. Factors affecting enforceability of contracts
  3. Void, voidable, unenforceable contracts
  4. Rights and obligations of parties to a contract
  5. Executory and executed contracts
  6. Notice, delivery and acceptance of contracts
  7. Breach of contract and remedies for breach
  8. Termination, rescission and cancellation of contracts
  9. Electronic signature and paperless transactions
  10. Bilateral vs. unilateral contracts (option agreements)

B. Contract Clauses, including amendments and addenda

C. Offers/purchase agreements

  1. General requirements
  2. When offer becomes binding
  3. Contingencies
  4. Time is of the essence

D. Counteroffers/multiple offers

  1. Counteroffers
  2. Multiple offers
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