Alberta Real Estate Licensing Exam Practice · Question
Which of the following is an essential element for a valid contract of purchase and sale in Alberta?
For a contract to be legally binding, there must be an exchange of value (consideration) between the parties involved.
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Question: Which of the following is an essential element for a valid contract of purchase and sale in Alberta?
Answer options:
- A notary public's seal. ✅ Consideration (something of value exchanged).
- An appraisal report.
- Witness signatures on the document.
Correct answer: Consideration (something of value exchanged).
Explanation: For a contract to be legally binding, there must be an exchange of value (consideration) between the parties involved.
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