Virginia State Real Estate Exam Practice Question
A buyer mails full-price offer. What element is still missing to form a valid contract?
Correct Answer: B
Rationale: A valid contract requires mutual agreement, which is achieved through acceptance of the offer. While consideration (A) is necessary for a contract, it is typically included in the offer itself. Earnest money (C) shows the buyer's commitment but is not essential for contract validity. Legal purpose (D) ensures the contract's subject matter is lawful, but without acceptance, there is no binding agreement. Thus, acceptance is the crucial missing element that transforms the buyer's offer into a valid contract.
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