Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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What is a contract which extends to titles and licenses?

Void contract
Executory contract
Inter vivos contract
Real contract

The correct answer is: Real contract

A real contract is a type of contract that is enforceable by the law and pertains to the transfer of ownership or possession of real property, such as land or buildings. Option A, a void contract, is incorrect because a void contract is one that is not legally valid from the beginning and cannot be enforced by law. Option B, an executory contract, is incorrect because an executory contract is one that is in the process of being fulfilled by both parties, meaning the transfer of ownership or possession has not yet taken place. Option C, an inter vivos contract, is incorrect because this type of contract pertains to transfers of property or rights between living persons. Therefore, the correct answer is D, a real contract, which specifically deals with titles and licenses pertaining to real property.