Champions-Law of Contracts Course Exam Questions and Answers
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Module
Champions-Law of Contracts Course
Institution
Champions-Law Of Contracts Course
In a residential lease with a "right of first refusal" provision:
o :# 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:
o :# 1) Scarcity
2) Modification
3) Situs
...
**Champions-Law of Contracts Course Exam Questions
and Answers
In a residential lease with a "right of first refusal" provision:
o :# 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:
o :# 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:
o :# 90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract.
o :# Unilateral Contract
, 2024/2025 2|Page
At closing, the contract is:
o :# fully executed
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the
category of ________.
o :# Services
The five essential elements of a valid and enforceable contract are:
o :# 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.
o :# Common Law
Which kind of rights extend above the surface of property without limitation?
o :# Air rights
A(n) ________ occurs when a new contract is substituted for an existing one.
, 2024/2025 3|Page
o :# Novation
A(n) ________ is a business venture that is owned by one individual.
o :# Sole proprietorship
A(n) __________ is an agreement between two or more parties to do something or to
refrain from doing something.
o :# Contract
3 physical characteristics of land
o :# 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?
o :# 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
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