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Champions Promulgated Contract Forms Book Review Questions and Complete Solutions Graded A+
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Champions Promulgated Contract Forms Book Review Questions and Complete Solutions Graded A+
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Champions Promulgated ContractForms Book Review Questions and
Complete Solutions Graded A+
The two most common disclosure forms include - Answer: Texas Real Estate Commission, and
Texas Association of REALTORS®
A conventional loan is best described as any loan - Answer: that is not a government loan.
A "meeting of the minds" - Answer: Mutual consent
A contract in which only one party is obligated to
perform - Answer: Unilateral contract
Something given in exchange for a promise - Answer: Consideration
An agreement between a buyer and seller giving the
buyer the right to purchase a property at a preset price
for a given period of time - Answer: Option
A contract that cannot be enforced due to some flaw or
other issue in the contract - Answer: Unenforceable contract
A ______________ is one that meets all of the requirements of law. - Answer: valid contract
A ______________ is invalid from the beginning, and has no effect on the parties. A contract to perform
an illegal act - Answer: void contract
,A ______________ is one that cannot be enforced against one or more of the parties. Most contracts
entered into with minors are ______________ at the option of the minor. - Answer: voidable contract
An ______________ contract is one that cannot be enforced due to some flaw in the contract, passage
of time, or other issues that make enforcement impossible. - Answer: unenforceable contract
Five essential elements must exist for a contract to be considered valid and enforceable. They are: -
Answer: 1. Competent parties
2. Offer and acceptance (mutual consent)
3. Legal purpose
4. In writing (when required by law)
5. Consideration
What is the acronym for the Five essential elements must exist for a contract to be considered valid and
enforceable - Answer: COLIC
The general rule of law is that all parties to a contract have read it and understand it. - Answer:
COMPETENT PARTIES
Contracts executed by _____________ are generally voidable at the option of the _____________ , but
may be enforced by the _____________ against the adult party. - Answer: minors; minor; minor
A valid contract must be based upon the consent of the parties. - Answer: OFFER AND ACCEPTANCE
(MUTUAL CONSENT)
Mutual consent is often referred to as a _____________ - Answer: "meeting of the minds."
The determination of mutual consent is usually a question of fact and is completed by the process of
_____________ and _____________ . - Answer: (offer and acceptance)
In order to comply with the Statute of Frauds, contracts for the conveyance of an interest in real estate
or leases for a term of more than one year must be _____________ - Answer: in writing.
, _____________ is defined as something given in exchange for a promise. - Answer: Consideration
_____________ in a contract could be nothing more
than a promise made by one party in exchange for a promise made by the other. - Answer:
Consideration
In the typical real estate contract, the seller agrees to convey the property to the buyer, and the buyer
agrees to ____________________________________ - Answer: pay the negotiated sales price.
An _____________ is defined as a contract that is binding on the parties, with one or more of the parties
having contractual duties that have not yet been performed. - Answer: executory contract
The _____________ is the date that acceptance was communicated to the offering party. - Answer:
effective date
Once all the terms of an offer have been agreed to and _____________ by the parties, and the
_____________ communicated to the offeror, the contract becomes _____________ on the parties. -
Answer: signed
acceptance
binding
All oral negotiations are _____________ , and do not become binding until written. - Answer: voluntary
From the effective date to closing, the contract is an _____________ . - Answer: executory contract
When the sale is closed, the contract has been _____________ . - Answer: fully executed
Both parties are obligated to perform in a _____________ - Answer: bilateral contract
An _____________ is an agreement between a buyer and
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