Question 22

The sale contracts are executed.

In this scenario, the listing and sale contracts are executed because the broker successfully sold the property within 24 hours of it being listed, indicating that the terms of the sale were completed.

A) with closing to be in 45 days. Both listing and sale contracts are

This option is incorrect as it does not address the nature of the contracts. While it mentions a closing timeline, it fails to specify whether the contracts are executed, voidable, or otherwise, which is the core aspect of the question.

B) fulfilled.

This option is not accurate because "fulfilled" implies that all obligations under the contract have been completed. In this case, while the sale may have been initiated, the closing of the sale has not yet occurred, so the contracts cannot be deemed fulfilled at this point.

C) executed.

This is the correct option as it accurately describes the contracts in question. The term "executed" signifies that both parties have completed their obligations under the contract, specifically the sale of the property, which has occurred following the listing.

D) voidable.

This option is incorrect as "voidable" refers to a contract that may be legally voided at the discretion of one party. Given that the sale took place and contracts were formed, they are not voidable under the circumstances presented.

E) executory.

This option is incorrect because "executory" refers to a contract in which some obligations remain to be fulfilled. Since the sale has been completed, the contracts cannot be classified as executory at this point.

Conclusion

The correct answer is "executed" because it reflects the completion of the sale process within the given timeframe. All other options either misinterpret the status of the contracts or fail to accurately describe the legal state of the agreements following the sale. Hence, "executed" is the definitive choice that aligns with the scenario described.