Exam (elaborations)
California Real Estate Law Chapter 6 Law of Contracts Questions and Answers 2024
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California Real Estate Law Chapter 6 Law of Contracts
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California Real Estate Law Chapter 6Law of Contracts
1 of 25
Real estate contracts aren't enforceable unless the parties have exchanged something
of value called
commerce.
consideration.
interchange.
transposition. - answerconsideration
2 of 25
What should every contingency have so that there is "reasonable time" for the fulfillment
of the contingency?
Limitations of liability
Selling restrictions
A specific deadline
A clear description - answerA specific deadline
3 of 25
What are described as the legal agreements that underlie the transfer and financing of
real estate, as well as the real estate brokerage business?
Property contracts
Real estate contracts
Legal contracts
Performance agreements - answerReal estate contracts
4 of 25
What do many states have that protects consumers who enter into the types of
contracts in which fraud is most likely to occur?
Consumer law
Common law
The Statute of Frauds
The Breach of Performance - answerThe Statute of Frauds
5 of 25
, What type of suit is an attempt to force the defaulting party to comply with the terms of
the contract?
A suit for damages
Rescission
A suit for specific performance
Forfeiture - answerA suit for specific performance
6 of 25
What type of performance describes when a defendant has failed to complete
performance of an agreement according to its terms and where the plaintiff may recover
damages to compensate him or her to the same extent as though the contract had been
completely performed?
Sufficient performance
Partial performance
Defective performance
Residual performance - answerPartial performance
7 of 25
Which one of these contracts is a unilateral agreement?
An Independent Contractor Agreement
A Listing Agreement
An Option to Purchase
A Buyer Representation Agreement - answerAn Option to Purchase
8 of 25
The full consent of all parties to a contract is called
memorandum of understanding.
cooperative agreement.
mutual agreement.
service agreement. - answermutual agreement.
9 of 25
What term describes the exchange of promises offered by one party to another to do or
not to do something?
Deliberation
Application
Omission
Consideration - answerConsideration
10 of 25
In contract language, what means to do what one agreed to do?
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