Texas Promulgated Contract Forms
An agreement between a buyer and seller giving the buyer the right to
purchase a property at a preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract – Correct Answer – D
A “meeting of the minds”
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract – Correct Answer – A
A contract that cannot be enforced due to some flaw or other issue in the
contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract – Correct Answer – E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract – Correct Answer – C
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract – Correct Answer – B
The five essential elements that must exist for a real estate sales contract
to be considered valid and enforceable are: legal purpose, competent
parties, mutual assent, consideration and ___.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk’s office – Correct Answer – B
If a contract has been entered into with a person who has been judged to
be incompetent, that contract is considered _____ because
that person never had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void – Correct Answer – D
____ is defined as something given in exchange for a
promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties – Correct Answer – C
A buyer who has the right to purchase a property at a preset price and
terms for a period of time has a(n) __.
a. Option
b. Novation
c. Bilateral contract
d. Deed – Correct Answer – A
A(n) ___ contract is defined as a contract that is binding on
the parties, with one or more of the parties having contractual duties that
have not yet been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void – Correct Answer – A
In Texas, the statute of limitations is __ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years – Correct Answer – B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror – Correct Answer – B
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror – Correct Answer – C
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