FINC 4673 LAW OF CONTRACT EXAM NEW AND LATEST REVIEW

FINC 4673 LAW OF CONTRACT EXAM NEW AND LATEST REVIEW
Question : A buyer defaults on a contract, and the seller
chooses to receive the earnest money. This is an example
of:
a) A suit for specific performance
b) Money damages
c) Liquidated damages
d) Mutual rescission
Correct answer: Liquidated Damages
Question : In a residential lease with a "right of first
refusal" provision:
a) The price is set when the lease agreement is
negotiated
b) The tenant has promised to buy the property
c) The TREC promulgated form must be used
d) The tenant has the right to match or better any offer
the landlord receives to prevent the property from being
sold to someone else
Correct answer: d) The tenant has the right to match or
better any offer the landlord receives to prevent the
property from being sold to someone else

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