contract in which the other party has died from testifying

Real estate law ch 12 Flashcards The parol - evidence rule refers to which of the following ?A) It is a rule that bars the introduction of most evidence regarding the oral negotiations of the parties that occurred prior to the execution of a written contractB) It is a rule of evidence that prohibits someone who was a party to a contract in which the other party has died from testifying about the meaning of the terms of the agreementC) It is a rule that prohibits someone who has committed a felony from testifying about why that person entered into a contractD) It is a rule that prohibits someone in prison , on probation , or parole from entering into most contracts

• It is a rule that bars the introduction of most evidence

regarding the oral negotiations of the parties that occurred prior to the execution of a written contract

• Alice is mailed acceptance created a binding contract,

even though Jim never received it, according to the "mailbox rule"

Voidable means :A) valid unless set aside by one of the

partiesB) illegalC) unconditionally enforceable by either partyD) valid but unenforceable by either party The statute of limitations places a limit on the length of time a plaintiff has to file a lawsuit . What is the time limit to file an action on any written contract ?A) 2 yearsB) 4 yearsC) 5 yearsD) 10 years

• 4 years
• Unilateral agreementPaul sends Gary a letter that states , " I offer to purchase

your house for $ 290,000 , closing to take place by December 31. " Gary writes back , " I accept your offer , but escrow must close before November 30. " Which of the following is true ?A) Gary's letter is a counteroffer creating a binding contractB) Gary's letter is an acceptance creating a binding contractC) Gary's letter is a revocation that Paul can accept or rejectD) Gary's letter is a counteroffer that Paul can accept or reject

• valid unless set aside by one of the parties What document should an assignor use to be released

entirely from any obligations or secondary liability ?A) AssignmentB) CancellationC) NovationD) Revocation Jeff and Marian sign a real estate purchase agreement by which Jeff agrees to buy Marian's house . The contract states that Jeff will deposit $ 1,000 into escrow upon execution of the agreement and that if the parties are unable to conclude the sale for any reason , Marian will retain the $ 1,000 as liquidated damages , less the escrow costs to that point . If the results of the termite inspection show that there is damage to the property and Jeff cancels the sale as a result , how is a court likely to treat the $ 1,000 ?A) A court would likely find that the $ 1,000 payment to Marian is a valid liquidated damages

provisionB) A court would likely find that the $ 1,000 is invalid as a penalty or forfeitureC) A court is likely to split the $ 1,000 between Jeff and Marian regardless of what their contract saysD)A court would likely order that the full $ 1,000 be returned to Jeff because he acted reasonably based

• a court would likely find that the $1,000 payment to

Marian is a valid liquidated damages provision What is the commonality of unilateral rescission , specific performance , and reformation ? A) Assignment of a contractB) Equitable remedies for breach of contractC) Laches as it pertains to contractsD) Legal remedies for breach of contract

• Equitable remedies for breach of contract
• NovationWhich of the following is not an element of a valid contract

?A) ConsiderationB) Competent partiesC) Unilateral agreementD) Mutual consent

• Gary's letter is a counteroffer that Paul can accept or

reject Which is not an example of an express agreement ?A) Al sells his car to Fred for $ 5,000 and both " shake hands " on the dealB) Donna finances the purchase of a phone system for her office and signs loan papersC) Sally orders a pizza to be deliveredD) Ted signs a 6 - month lease for an apartment .