RELE 1311 MIDTERM UPDATED Exam Questions and CORRECT Answers
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Course
RELE 1311
Institution
RELE 1311
RELE 1311 MIDTERM UPDATED Exam
Questions and CORRECT Answers
What are the essential elements of a valid contract? - Correct Answer- - the mutual assent of
the parties shown by offer and acceptance
- consideration
- capacity of the parties
- legality
- sometimes a writing
What is the pur...
RELE 1311 MIDTERM UPDATED Exam
Questions and CORRECT Answers
What are the essential elements of a valid contract? - Correct Answer- - the mutual assent of
the parties shown by offer and acceptance
- consideration
- capacity of the parties
- legality
- sometimes a writing
What is the purpose of a contract? - Correct Answer- The purpose of any contract is to set out
the terms and conditions of the agreement between the parties
What is the distinction between an express contract and an implied contract? - Correct
Answer- expressed contracts are created by parties in writing or verbal whereas implied is not
created by expression, but is assumed by
What is the distinction between a bilateral contract and a unilateral contract? - Correct
Answer- unilateral is when one party makes promise to pay another after job is completed.
bilateral is when both parties make a promise to each other
What is an example of a bilateral contract - Correct Answer- real estate exchange
What is an example of a unilateral contract - Correct Answer- lost dog flyer
Why is the executory period of a contract so long? What are the risks involvedduring the
executory period? - Correct Answer- the buyer acquires an equitable title interest in the
property. This means that the buyer can potentially force the seller to transfer ownership.
What is the Uniform Vendor and Purchaser Risk Act? - Correct Answer- to protect the
purchaser of real estate where there is a binding contract of sale and the property is destroyed
before the purchaser has gone into possession or has taken legal title, and to protect the
vendor after transfer of possession.
, What is the distinction between a void contract and a voidable contract? - Correct Answer-
void contract is a contract that does not exist under the law whereas, a voidable contract is a
valid contract, but which may be legally avoided at the option of one of the parties.
List three Texas statutes that concern real estate. - Correct Answer-
List the hierarchy of the federal civil court system. - Correct Answer- - district courts
- circuit courts
- Supreme Court
Who are the two parties typically involved in an offer? - Correct Answer- offeror
offeree
How might a prospective buyer communicate an offer to a seller? Give anexample of each
manner of communication. - Correct Answer- - direct: is made directly to the intended party.
- indirect: s a communication made indirectly to the intended party by way of a third party or
third party device.
How should an offer be presented? - Correct Answer- - The offer must not be subject to any
conditions.
- It must sufficiently identify the real estate with a proper legal description
.- The offeror must also state the price and any other essential terms.
- These requirements are met when the offeror uses a standard residential real estate sales
contract form.
What are some types of non-offers? - Correct Answer- - expressions of intention
- invitations to offer
- inquiries
What are multiple offers - Correct Answer- multiple offers is when the seller receives several
offers simultaneously concerning a parcel of real estate.
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