Which of the following methods can limit or time promises?

The choice that centers on limiting or timing promises through conditions and order of performance is accurate because it directly addresses how performance obligations can be structured in a real estate transaction. When parties agree on specific conditions that must be met before a promise becomes enforceable, it effectively delineates the expectations and requirements of each party. Additionally, establishing an order of performance sets a clear sequence in which the parties are to fulfill their obligations, ensuring that one action cannot occur before fulfilling a prerequisite task. This method not only clarifies the timeline but also creates a framework within which all parties can operate, enhancing predictability and reducing the chances of disputes.

Verbal agreements, while they can serve as informal understandings between parties, typically lack the specificity and enforceability of documented conditions, thus making them less reliable for limiting or timing promises. Specifying penalties may indicate the consequences of failing to meet obligations, but it does not inherently dictate how or when each promise should be fulfilled. Creating multiple contracts can help in organizing various aspects of a transaction, but it does not directly set conditions or limit the timing of promises between parties. Thus, the focus on conditions and performance order stands out as the most effective method.