Section 4 mini quizzes chapter 1 Flashcards

Section 4 mini quizzes chapter 1 Flashcards Which of the following is an example of a bilateral contract...?Listing contractSales contractIndependent contractor agreementAll of the above All of the above To have no force or effect is referred to as a ..........contract?VoidValidEnforceableExecuted Void Which of the following is an example of a termination of a contract...?Substantial performancePartial performanceImpossibility of performanceAll of the above All of the above An options contract is an example of a/an...?Unilateral contractBilateral contractVoid contractUnenforceable contract unilateral contract Which of the following real estate contracts does not have to be in-writing...?Real estate sales contractLeases under one yearListing contractsAll real estate contracts must be in writing Leases under one year A contract in which each party promises to do something is referred to as a...?Unilateral contractBilateral contractVoid contractExclusive contract bilateral Contract Which of the following is an example of a forbearance contract...?Listing contractOptions contractSales contractAll of the above Options contract A contract in which there is fraud by either commission or omission is voidable by the...?Either the non-fraudulent or fraudulent partyFraudulent partyThe contract is not voidableNon-fraudulent party Non-fraudulent party When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a...?Unilateral contractBilateral contractVoid contractExclusive contract Unilateral Contract That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract?UnenforceableVoidableExecutedExpired Voidable Which of the following may be used as an alternative to novation...?Transfer the existing contractDischarge the existing contractAmend the existing contractNone of the above Amend the existing contract A contract that is missing one or more of the elements of a valid contract is considered...?EnforceableExecutedExpiredVoid Void A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as

the...?Statute of FraudsStatute of LimitationsStatute of ContractsStatute of Records Statute of Frauds

Which of the following is an example of a termination of a contract by operation of law...?A buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residentialThe property was substantially damaged in a fireThe buyer could not obtain financing to purchase the propertyThe parties agreed to terminate the contract A Buyer has entered into a contract to purchase a commercial property but the city has now rezoned the property as residential An assignment can occur when a contract is...?ExecutoryExecutedVoidEnforced Executory A valid contract must be .......... and enforceable?BindingWaivedNotarizedRecorded Binding A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?AssignmentAmendmentNovationBulletin Assignment A violation of any of the terms or conditions of a contract without legal reason leads to a/an...?Assignment of contractBreach of contractAmendment of contractNovation of contract Breach of contract If one of the parties to a contract does not voluntarily agree to the contract, this element of a valid contract is violated...?Mutual agreementConsiderationCompetent partiesLawful objective Mutual Agreement A contract in which one of the parties is a minor is considered a...?Void contractExecuted contractVoidable contractWaived contract Voidable contract A law establishing the time period within which certain lawsuits may be brought is known as the...?Statute of fraudsStatute of lawStatute of limitationsStatute of contracts Statute of limitations The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...?ConsiderationNovationPerformanceVoid Performance Which of the following is an example of consideration...?MoneyPersonal servicesCashAll of the above All of the above In order to be considered a competent party, an individual must be of the age of the...?MajorityMinorityOther partyNone of the above Majority The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...?AmendmentBulletinNovationAssignment novation