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Champions - Law of Contracts Vocabulary and Practice Questions and Complete Solutions Graded A+
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Champions - Law of Contracts Vocabulary and Practice Questions and Complete Solutions Graded A+
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Champions - Law of ContractsVocabulary and Practice Questions and
Complete Solutions Graded A+
Real Estate Center - Answer: Created by the Legislature in the 1970s to collect and compile data about
real estate in Texas
Broker-Lawyer Committee - Answer: Established by TREC to write mandatory residential contract forms
for license holders
Texas Real Estate Commission (TREC) - Answer: Created by the Legislature in 1949 to carry out the
provisions of TRELA
Real Estate Recovery Trust Account - Answer: Administered by TREC to protect aggrieved individuals
who suffer a monetary loss due to illegal acts of license holders
producing cause - Answer: Requires proof that the act or omission was a significant factor in brining
about injury
improvements - Answer: Any man-made additions to the land that are permanent
surface rights - Answer: The ability to use extracted resources such as stone, gravel, and limestone
subsurface rights - Answer: Includes the rights to deed oil, gas, and other minerals
personal property - Answer: Things of a temporary or movable nature
emblements - Answer: Annual crops that are considered personal property even though they are
attached to the land
, implied contract - Answer: . A contract created by behavior
express contract - Answer: A contract created by offer and acceptance
executory contract - Answer: A contract that is binding on the parties even though certain contractual
duties have not yet been performed
bilateral contract - Answer: A contract requiring both parties to perform certain duties
valid contract - Answer: A contract that must have competent parties, offer and acceptance, legal
purpose, consideration, and be in writing
true - Answer: According to the TREC-promulgated contract forms, all representations made by seller
and buyer "survive closing," which means that both parties remain liable beyond closing for their
representations made in the contract.
false - Answer: An option contract is binding on both parties.
fales (under 18) - Answer: In Texas, an individual under the age of 21 is considered a minor
true - Answer: Mutuality is found in bilateral contracts.
A contract for an illegal purpose is void. - Answer: true
All contracts are assignable, with no exceptions - Answer: false
A novation may include new parties to a contract. - Answer: true
The Statute of Frauds requires that contracts for the conveyance of an interest in real estate for a term
of six months or less must be in writing. - Answer: false (more than one year)
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