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Laws of Contracts Quiz 1 Questions with Solutions
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Laws of Contracts Quiz 1
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Laws of Contracts Quiz 1A major difference between a promise and a contract is: - answerA contract requires
consideration
The law that requires real estate contacts to be in writing is the: - answerStatute of
Frauds
A bilateral contact is defined as: - answerA promise for a promise
A unilateral contract is defined as: - answerA promise for an act
An oral agreement to pay a real estate commission is: - answerUnenforceable
Earnest money: - answerServes as liquidated damages
Minors - answerCan own and contact for real property, but their contracts are voidable
A buyer's offer may be revoked: - answerAt any time prior to the seller's acceptance of
the offer
The consideration in a contract for the sale of property is: - answerTitle to the property
in exchange for money
A contract with an incorrect legal description is a/an: - answerVoid contract
If several offers are received during the morning, they should be presented: - answerAll
at the same time and as quickly as possible
When a new contract replaces an existing contract it is a/an: - answerNovation
When one party defaults on a contract, the other party may force performance by suing
for: - answerSpecific performance
An agent receives a $1,000 earnest money deposit on Friday night and places it in his
own account for safekeeping until Money morning when he withdraws the cash and
takes it to the title company, the agent has: - answerHas commingled the money
The buyer, though his agent, prepared the sales contact which was accepted by the
seller. When a dispute arises between the parties over the meaning of something
written into the contract, the courts will: - answerInterpret the contact in favor of the
seller
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