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Champions-Law of Contracts Course Exam 2024 Questions With 100% Complete Answers!!
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Champions-Law of Contracts Course Exam 2024 Questions With 100% Complete Answers!!
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Name: Score:71 Multiple choice questions
Term 1 of 71
The SAFE Act mandated the term ________.
1. Do nothing
2. Reject
3. Accept
4. Counteroffer
Residential Mortgage Loan Originator
Contract
Notice Regarding Coastal Area Property
Term 2 of 71
__________________ is not required on a contract but it will be indicated on a deed.
Martial status
Foreclosure
Earnest money
Police Power
,Term 3 of 71
An offer by a prospective purchaser can be terminated prior to acceptance due to:
expiration of a specified time period, bankruptcy of either party, a change in the law that
renders the contract illegal
Common Law
1. Specific performance
2. Monetary damages
3. Liquidated damages
Never discourage a party from consulting an attorney for advice in a transaction
Term 4 of 71
Prior to closing, severe damage to or destruction of a property under contract:
Martial status
1. mortgage bankers
2. mortgage brokers
3. correspondent lenders**
USDA (US Dept. of Agriculture)
Can result in termination of the contract
Term 5 of 71
________ are changes that are made to the original contract, such as changes to the closing date or
changes to the sales price, down payment and/or the amount financed.; repairs the seller agrees
to perform and removal or waiver of contingencies
Martial status
Blanket mortgage
Amendments
Earnest money
, Term 6 of 71
A(n) __________ is an agreement between two or more parties to do something or to refrain from
doing something.
Residential Mortgage Loan Originator
Freehold estate
Addendum
Contract
Term 7 of 71
A contract that is said to lack mutuality because only one party is obligated to perform is a________
contract.
Unilateral Contract
Abstract of Title
Services
Foreclosure
Term 8 of 71
__________________ is the evidence an individual has of his or her right to possess land. It is most often
transferred
from one owner to another by deed.
Martial status
Title
Addendum
Money
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