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Promulgated Contract Forms (Champions) Exam Questions and Complete Solutions Graded A+
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Promulgated Contract Forms (Champions) Exam Questions and Complete Solutions Graded A+
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Promulgated Contract Forms(Champions) Exam Questions and
Complete Solutions Graded A+
mutual consent - Answer: a "meeting of the minds"
unilateral contract - Answer: a contract in which only one party is obligated to perform
unenforceable contract - Answer: a contract that cannot be enforced due to some flaw or other issue in
the contract
elements of a valid and enforceable contract - Answer: COLIC (competent parties, offer and acceptance,
legal purpose, in writing, consideration)
amendment - Answer: changes to the contract; common ones include changes to the closing date,
changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform,
removal or waiver of contingencies
addenda - Answer: an attachment that adds or further describes the rights and duties of the parties
assignment - Answer: transfers all of the rights related to the contract to another party known as
assignee
novation - Answer: when a new contract is substituted fro an existing one
statute of limitations - Answer: limits the time you may file suit. In Texas, it's two years for oral
agreement and four years for a written agreement
reasons for termination - Answer: mutual agreement; partial performance; substantial performance;
impossibility; operation of law; breach of contract
, bilateral contract - Answer: a contract of sale between a buyer and seller
executory contract - Answer: a contract that is binding on the parties, with one or more of the parties
having contractual duties that have not yet been performed
promulgated forms - Answer: contract forms published by TREC
counteroffer - Answer: a rejection of the original offer coupled with a new offer
offeror - Answer: the party making the offer
Buyer's or Seller's Temporary Residential Lease - Answer: for no more than 90 days
offer must be presented... - Answer: phone, fax, email, letter, hand delivery
options when responding to an offer - Answer: do nothing; reject; accept; counteroffer
acceptance - Answer: means that the accepting party does so with no change to the contract
whatsoever
net sheet - Answer: an estimate of the net proceeds to the seller and should be prepared based upon
the offer being considered
Broker-Lawyer committee - Answer: 13 members; write residential contract forms that are generally
mandatory for license holders
TREC - Answer: comprised of 9 members
communication - Answer: also referred to as notification
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