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Champions-Law of Contracts Course Exam Questions and Complete Solutions Graded A+
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Champions-Law of Contracts Course Exam Questions and Complete Solutions Graded A+
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Champions-Law of Contracts CourseExam Questions and Complete
Solutions Graded A+
In a residential lease with a "right of first refusal" provision: - Answer: The tenant has the right to match
or better any offer the landlord receives to prevent the property from being sold to someone else
The four ECONOMIC characteristics of land are: - Answer: 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: -
Answer: 90 days
A contract that is said to lack mutuality because only one party is obligated to perform is a________
contract. - Answer: Unilateral Contract
At closing, the contract is: - Answer: fully executed
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________.
- Answer: Services
The five essential elements of a valid and enforceable contract are: - Answer: COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
, 4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom. - Answer: Common Law
Which kind of rights extend above the surface of property without limitation? - Answer: Air rights
A(n) ________ occurs when a new contract is substituted for an existing one. - Answer: Novation
A(n) ________ is a business venture that is owned by one individual. - Answer: Sole proprietorship
A(n) __________ is an agreement between two or more parties to do something or to refrain from
doing something. - Answer: Contract
3 physical characteristics of land - Answer: 1. non-homogeneity
2. immobility
3. indestructibility
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence. In the
contract, Jake promised to deliver a seller's disclosure of property condition within 5 days of the
effective date of the contract. Jake never delivered the disclosure as promised. Which of the following
statements is true? - Answer: Sarah has the right to terminate the contract and receive a refund of
earnest money prior to closing (Page 24)
Owners within a __________________ do not actually own a specific unit. The entire cooperative
complex is
owned by a corporation. Those who wish to live in the cooperative buy shares in the corporation, and
receive a proprietary lease on the unit. When listing and selling cooperatives, a real estate license is
often
not required because the sale of a cooperative is the sale of stock rather than real property. - Answer:
Cooperative
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