Virginia Real Estate Exam Practice Question
Which contract element is the purchase price?
Correct Answer: A
Rationale: Consideration refers to something of value exchanged between parties in a contract, which includes the purchase price in sales agreements. It is essential for validating the contract's enforceability.
Legal competency (B) pertains to the ability of parties to enter into a contract, ensuring they are of sound mind and legal age. This does not specifically relate to the purchase price.
Mutual mistake (C) involves both parties misunderstanding a fundamental aspect of the contract, which can void the agreement but doesn't define the purchase price.
Undue influence (D) refers to exploiting a position of power over another party, affecting their decision-making, rather than specifying the purchase price.
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