PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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If a contract is based on illegal consideration, how is that contract classified?

Enforceable
Voidable
Void
Legal

The correct answer is: Void

A contract based on illegal consideration is classified as void. This means that the contract has no legal effect and cannot be enforced by either party. The rationale behind this classification is that contracts involving illegal acts or considerations are against public policy. Therefore, they lack the necessary legal foundation to be recognized as valid agreements. Since such contracts cannot be enforced, neither party has legal rights or obligations arising from them. This is a fundamental principle in contract law, emphasizing that the law does not support or recognize agreements formed on an illegal basis.