Real Estate Chapter 8 Flashcards

Real Estate Chapter 8 Flashcards

• The property of the community can be held liable for a

contract executed by either spouse without the consent of the other and it would be enforceable.A listing signed by either spouse to sell community real

property is usually:A. Illegal.B. Voidable.C. Enforceable.D.

Unenforceable The injured party may rescind the contract or sue for damages or specific performance Which of the following remedies are available to an injured party who has suffered a breach of contract?NovationSubstituting a new contract for an existing one, with the intent to extinguish the original contract, best describes.An offer and an acceptance is a fine definition of a simple contract

A simple contract may be best defined as:

An executory contract is one that is yet to be performed.An executory contract is a contract that:

• A contract that is illegal is void and unenforceableA contract to perform an illegal act is:A. Enforceable.B.

Unenforceable.C. Valid.D. Illusory.

• An offer will be terminated when rejected by the offeree

or revoked by the offeror

An offer is terminated when:A. Revoked by the offereeB.

An agreement that by its terms is not to be performed within one year.C. Rejected by the offeree.D. Changed by the offeror The general partnership contract need not be in writing according to the Statute of Frauds Based on the Statute of Frauds which of the following contracts would not be required to be in writing?the Statute of Limitations allows a judgment to be effective for a period of up to ten years The maximum time allowed under the law to bring legal

action to enforce a judgment is:

• The legal age to enter a real estate purchase contract is

18 years of age unless that person is married.Mr. and Mrs. Cable listed their home with a licensed real estate broker for $187,500. The broker sold the property to another married couple and escrow was opened by the buyers and sellers. Two weeks after opening escrow the title company discovered that the buyers were both under 18 years of age. Under these circumstances, the purchase

contract is:A. VoidB. VoidableC. ValidD. Illegal

• The Statute of Frauds requires leases for more than a

year to be in writing.Mr. Smith entered into an oral agreement to lease Mr.Rose's property for 12 months at $700 a month. Mr. Smith decides not to comply with the agreement claiming that the agreement must be in writing to be enforceable. Based on

the law, the contract is:A. InvalidB. VoidableC. ValidD. Void

The Statute of Limitations specifies legal actions must be commenced within four years under any written contract The Statute of Limitations specifies that time limits in which lawsuits must be brought to court in the event of a breach.Under this statute, a buyer must bring legal action against a seller for failure to perform under a valid purchase contract

within:

Consideration. May be money, services or an exchange of promises When one party under a bilateral contract gives a promise in exchange for an offered promise by the other party, it is

referred to as:

the party that was forced to sign the contract under duress has the right to void the contract, making it voidable

A contract signed under duress is:

• Consideration for a contract may be money, a promise

or property

Sufficient consideration under a contract may be:A.

Money.B. A promise.C. Property.D. Any of the preceding.

• Only certain contracts as spelled out in the Statute of

Frauds need be in writing All of the following are essentials of a simple contract

except:A. Lawful object.B. Mutual consent.C. Parties

capable of contracting.D. A contract in writing.

• Two parties may enter into a contract but they may

never actually fulfill (perform) their obligations Which of the following is not an essential element of a contract?A. Offer.B. Acceptance.C. Consideration.D.Performance.

• Consideration is one of the essentials to a contract and

without it the contract is void.

A contract that is made without consideration is:A. Void.B.

Illegal.C. Enforceable.D. Valid.The Statute of Limitations specifies a three year limit for legal action on an encroachment In the event there is an encroachment on another's property, legal action to have it removed must be

commenced within:

to rescind a contract means to terminate or cancel itThe word "rescind" most nearly means: