Ontario Real Estate Practice Course 1 Test – Pass the Ontario License Exam in 2026

The statement regarding a seller's acceptance being sufficient to meet the law of contract requirements, without needing to be communicated back to the buyer, is not accurate in contract law. For a contract to be valid, acceptance of an offer generally must be communicated to the offeror. This ensures that both parties are aware of and agree to the terms, thus creating mutual consent.

Communication of acceptance is a critical aspect of contract formation because it reinforces the concept of an agreement between the parties involved. This is essential to prevent misunderstandings or disputes regarding whether acceptance has occurred.

In contrast, the other options accurately represent principles of contract law. Mutual acceptance is fundamental in forming a contract, as it signifies that both parties agree to the terms presented. Additionally, there is an expectation that offers will remain open for a reasonable period, which allows for deliberation before acceptance. Lastly, the ability for two or more capable individuals to create a binding contract encapsulates the essence of contractual agreement in terms of competence and mutual consent.