Certified Residential Appraiser Practice Exam

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Study for the Certified Residential Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations. Ensure you're ready for your certification!

Practice this question and more.

Which of the following is NOT a valid type of contract?

Oral Contract
Implied Contract
Executed Contract
Invalid Contract

The correct answer is: Invalid Contract

A valid type of contract must be enforceable and recognized by law. An oral contract is a legitimate agreement made verbally, while an implied contract arises from the actions or circumstances of the parties involved, even when no explicit agreement is stated. An executed contract is one that has been fully performed by all parties, fulfilling the terms of the agreement. In contrast, the term "invalid contract" refers to an agreement that does not meet the legal requirements for contract formation or is otherwise unenforceable by law. Since a contract that is classified as invalid cannot be recognized or enforced, it does not fall under the category of valid contracts. Hence, identifying "invalid contract" as a type of contract is inaccurate.