TEXAS PROMULGATED CONTRACT EXAM QUESTION AND ANSWERS

When does TREC regulate a licensee.... - Answer-when the licensee is selling a house for a client Legal agreement between parties to do or not to do a certain act for consideration - Answer-Contract Law that requires all contracts for real property to be in writing to be enforceable - Answer-Statute of Frauds what is an example of good consideration - Answer-love of a friend What does Duress mean - Answer-use of force When a person listens to both sides of the situation and makes a decision (this decision is binding and court action cannot be pursued) - Answer-Arbitration Defined as agreement to all the terms by all the parties of the contract - Answer-mutual assent When all promises in a contract have been met - Answer-Executed contract contract which defers material action by either party into the future - Answer-Executory contract When is a contract valid - Answer-when it is a written legal agreement and every item is completely agreed to When is a contract void - Answer-when an essential element is missing in an agreement and the courts would not hold it as a contract When is a contract voidable - Answer-when one party could change their mind and exit a contract When is a contract unenforceable - Answer-when 1 party may be in default, but the damaged party cannot sue the other 4 Elements of a contract - Answer-Agreement consideration competent parties legal objective