Texas Promulgated Contract Forms<\/p>\n\n\n\n
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<\/p>\n\n\n\n
e. Unenforceable contract – Correct Answer – E If a contract has been entered into with a person who has been judged to a. Executory Get the full exam pdf here https:\/\/learnexams.com\/search\/study?query=<\/a><\/p>\n\n\n\n
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 ___<\/em><\/strong><\/em><\/strong>.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk’s office – Correct Answer – B<\/p>\n\n\n\n
be incompetent, that contract is considered _____<\/em><\/strong><\/em><\/strong> because
that person never had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void – Correct Answer – D
____<\/em><\/strong><\/em><\/strong> 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) __<\/em><\/strong><\/em><\/strong>.
a. Option
b. Novation
c. Bilateral contract
d. Deed – Correct Answer – A
A(n) ___<\/em><\/strong><\/em><\/strong> 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.<\/p>\n\n\n\n
b. Fully executed
c. Bilateral
d. Void – Correct Answer – A
In Texas, the statute of limitations is __<\/strong><\/em><\/strong> 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<\/p>\n\n\n\n