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FIL 260 Exam 2 New /84 Questions And Answers Graded (A+)
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FIL 260 Exam 2 New 2023-2024 /84 Questions AndAnswers Graded (A+)
Quiz :Real estate has value because... - Answer :its ownership entitles the
owner to exercise, or to sell certain rights
Quiz :A contract is defined as.. - Answer :a promise or series of promises that
courts will enforce
Quiz :What is the important purpose of a contract? - Answer :Keeping the
parties bound to their agreement during the period
Quiz :Most contracts are.. - Answer :Bilateral
Quiz :An example of a bilateral contract is.. - Answer :a contract to buy real
estate
Quiz :A bilateral contract means.. - Answer :each party acting (or promising to
act) in a certain way
Quiz :A unilateral contract means.. - Answer :one party promises to act only if
speficied provision is fulfilled (ex. a listing contract)
Quiz :A contract can be implied by.. - Answer :Circumstances and actions even
if there is no explicitly spoken or written words
Quiz :An implied contract can only exist if... - Answer :the recipient of a
purported benefit has the opportunity to reject it (ex. a person cannot wash
your car without you knowing and then demand you to pay them)
Quiz :For a contract to be valid it must have.. - Answer :all essential elements
must be present
Quiz :For a contract to be voidable it must have.. - Answer :one or more
elements missing; the wronged party has the choice of enforcing or avoiding
(ex. unapproved dual agency in a real estate sale)
Quiz :An unenforceable contract.. - Answer :contains the elements of a valid
contract but is not valid for other reasons (ex. some terms are ambiguous, or
statue of limitations has expired)
, Quiz :What elements cause a contract to be valid and enforceable? -
Answer :They are agreement, consideration, parties acting under free will,
parties who are legally competent and a legal purpose.
Quiz :Statue of frauds - Answer :Requires both sales contracts and deeds to
contain written legal description
Quiz :Contracts involving the sale of real estate must include what in order to
be enforceable in court? - Answer :Must be in writing
Quiz :Agreement - Answer :also called "mutual assent" or "offer and
acceptance"
Quiz :Offer - Answer :a promise to act in a specified way if the other party will
act in some other specified way *an offer can be made by a potential buyer
(offer to buy) or seller (offer to sell)
Quiz :An offer must.. - Answer :not be a joke, be communicated by an offeror
to a specified party, have reasonably complete, definite terms
Quiz :Termination of offer - Answer :an offer is not open to acceptance
forever (fortunately)
Quiz :Offer terminates by - Answer :Lapse, revocation, rejection by offeree, or
operation of law
Quiz :Lapse - Answer :offeror states a date when the offer terminates;
acceptance after that date is either disregarded or viewed as a new offer being
made to the original offeree. Based on what is reasonable if there is no stated
period
Quiz :Revocation - Answer :offeror withdraws the offer prior to acceptance,
either expressly or by conveying other information that implies the offer has
been revoked (ex. seller sold a house to someone else)
Quiz :Rejection by Offeree - Answer :May be outright or conditional or
counteroffer (most home sales are conditional on buyer's ability to get
financing under specific (but reasonable) terms, including a specified minimum
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