REE 4433 Exam Questions With Correct
Answers
John assigned his right to receive a deed from Trudy to Hannah.
Contracts assigning deeds are unenforceable.
John is relieved from making payment to Trudy.
Hannah will be entitled to the deed.
John is an assignee. - answerHannah will be entitled to...
EXAM STUDY MATERIALS July 30, 2024 11:26 AM REE 4433 Exam Questions With Correct Answers John assigned his right to receive a deed from Trudy to Hannah. Contracts assigning deeds are unenforceable. John is relieved from making payment to Trudy. Hannah will be entitled to the deed. John is an assignee. - answer✔✔Hannah will be entitled to the deed. Harry offers in writing to sell Lynn Blackacre. Lynn accepts, thinking that the offer refers to Greena cre. In fact, Harry made the offer thinking that it referred to Greenacre. Either party may rescind the contract because Lynn's acceptance was in fact a counteroffer. there was not sufficient consideration to support the contract. both parties had a mis taken belief about a material matter in the contract. the contract violates the principles of contract interpretation. - answer✔✔both parties had a mistaken belief about a material matter in the contract. Consideration is a necessary element of a contract except when the contract is in writing. the doctrine of promissory estoppel is applicable. the contract is ratified by both parties. the contract does not violate the Statute of Frauds. - answer✔✔the doctrine of promissory estoppel is applicable. Builders, Inc. contracted with Allison to build her home for $200,000 in accord with specifications stated in the contract. After Builders started construction, the price of particular masonry block required in the contract and imported from a foreign country skyrocketed due to an unforeseeable shortage caused by civil war. As a result, it would cost Builders $200,000 just to obtain the block. Which of the following is Builder's best argument to excuse it from performance? Illegality EXAM STUDY MATERIALS July 30, 2024 11:26 AM Accord and satisfaction Commercial impracticality Impossibility - answer✔✔Commercial impracticality Where an offer to contract is made by mail, acceptance takes place at the time the offeree deposits the acceptance in the mail. the offeror receives the offer. the offeree gives the acceptance to his secretary to deposit in the mail. offeror decides to accept the offer. - answer✔✔the offeree deposits the acceptance in the mail. On July 1, Thomas sent an offer by mail to sell Panacre to Mariah for $170,000. Maria h received the offer and deposited the letter of acceptance in the mail on July 3. Later that day, Thomas called Mariah and said, "I revoke my offer." Mariah's letter is considered a counteroffer. The offer was effectively rejected on July 3. There was a contract formed on July 3. The offer lacked consideration. - answer✔✔There was a contract formed on July 3. An offer is terminated when the offeror communicates a revocation to the offeree's best friend. the offeror deposits a revocation in the mail. an offeror intends to revoke it. the offeree makes a counteroffer. - answer✔✔the offeree makes a counteroffer. Pamela contracts with Bronwyn to build a house. Pamela specifies in the contract that the house is to have a fireplace. Bronwyn completes the h ouse without a fireplace. Pamela refuses to pay Bronwyn. In court, Pamela will lose because Bronwyn substantially performed, and Pamela will have to pay Bronwyn the entire contract price. Pamela will lose because Bronwyn's failure to perform is excusable . Pamela will lose because Bronwyn substantially performed and Pamela will have to pay Bronwyn the contract price less the cost of the fireplace. EXAM STUDY MATERIALS July 30, 2024 11:26 AM Pamela will win because Bronwyn breached the contract and is not entitled to any of the contract price. - answer✔✔Pamela will lose because Bronwyn substantially performed and Pamela will have to pay Bronwyn the contract price less the cost of the fireplace. A person who is adjudicated insane can only contract with a person who has been adjudicated insane. lacks the necessary consideration to enter into a contract. possesses a limited capacity to enter into a contract. has no capacity to enter into a contract - answer✔✔has no capacity to enter into a contract Mr. Jones agreed to purchase Wax City, an auto deta iling service, from Mr. Anderson with a contract that was signed on April 20, with closing set for September 10. During the summer, sales in Wax City to plummeted, the market value of Wax City dropped and Jones defaulted on the sales contract. Will damages be due to Anderson? Yes, Anderson is entitled to retain Jones's earnest money. No, Anderson would not be entitled to damages under any conditions. No, Anderson is not entitled to damages unless they were named in the sales contract. Yes, Anderson is e ntitled to Jones's earnest money and the difference between the purchase price and the market price. - answer✔✔Yes, Anderson is entitled to Jones's earnest money and the difference between the purchase price and the market price. Which of the following is not needed to satisfy the Statute of Frauds? The names of the parties to the contract Essential terms of the sale A description of the property Proof of marketable title - answer✔✔Proof of marketable title The parol evidence rule requires that real estate purchase contracts be in writing. excludes the introduction of evidence extraneous to the writing to prove that the contract was induced by fraud. excludes the introduction of evidence extraneous to the writing to clarify ambigu ities. does not exclude the introduction of evidence of a subsequent agreement that alters the previous writing. - answer✔✔does not exclude the introduction of evidence of a subsequent agreement that alters the previous writing. EXAM STUDY MATERIALS July 30, 2024 11:26 AM The writing that contains essential terms in satisfaction of the statute of frauds is referred to as the contract. evidence. evidence of title. memorandum. - answer✔✔memorandum. The date the buyer is entitled to possession of the real property is at closing. governed by the c ontract. determined 60 days from the signing of the contract. always determined by local custom. - answer✔✔governed by the contract. Mills was old. He contacted the Handbergs and orally agreed to will his farm to them if they moved in with him and took c are of him and the farm. They did. The Handbergs are entitled to the property because of the part performance doctrine. entitled to the property because the Statue of Frauds does not apply to real property. not entitled to the farm because it is not leg al to will your real property to nonrelatives. not entitled to the farm because the agreement was not in writing. - answer✔✔entitled to the property because of the part performance doctrine. Some states prevent a real estate broker from drafting a purchas e contract because it conflicts with the broker's fiduciary responsibility. constitutes the practice of law. may be seen as a conflict of interest. violates agency agreements. - answer✔✔constitutes the practice of law. When a general warranty deed is u sed in a real estate transaction, the seller warrants that the property is free and clear of encumbrances through title insurance. a title search performed by an attorney. the use of public documents. personal warranty. - answer✔✔personal warranty.
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