Promulgated Forms - Champions 2025 Questions and Answers 100% Accurate
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Promulgated Forms - Champions
Institution
Promulgated Forms - Champions
Promulgated Forms - Champions 2025 Questions and
Answers 100% Accurate
elements of a valid/enforceable contract - ANSWER -COLIC
Competent parties, Offer and acceptance (mutual parties), Legal purposes, In writing,
Consideration
Competent parties - ANSWER -The general rule of law is that all ...
Promulgated Forms - Champions 2025 Questions and
Answers 100% Accurate
elements of a valid/enforceable contract - ANSWER -COLIC
Competent parties, Offer and acceptance (mutual parties), Legal purposes, In writing,
Consideration
Competent parties - ANSWER -The general rule of law is that all parties to a contract
have read it and understand it
People w/o mental capacity to understand can have a voidable contract, same with
minors
mutual consent - ANSWER -is often referred to as a "meeting of the minds." For a
contract to exist, there must have been a meeting of the minds (offer and acceptance)
between the parties.
legal purpose - ANSWER -A contract for an illegal purpose is void, and the law treats
the contract as if it were never created. An example of a void contract would be one to
have somebody killed or to deliver illegal drugs. All contracts must have a legal purpose
in order to be valid
in writing - ANSWER -in order to obey Statute of Frauds, leases for more than 1 yr and
real estate must be in writing
consideration - ANSWER -is defined as something given in exchange for a promise.
There is no requirement that the consideration be in the form of money. Consideration
in a contract could be nothing more than a promise made by one party in exchange for
a promise made by the other.
executory contract (contract ready to be executed) - ANSWER -A contract that has not
yet been fully performed.
The effective date is the date that acceptance was communicated to the offering party
(i.e. seller accepted offer on Jan 3rd, buyer was told on jan 4th of acceptance, effective
date is 4th)
the contract has been fully executed when.. - ANSWER -the sale is closed
bilateral contract - ANSWER -A contract of sale between a buyer and seller is a
bilateral contract because both parties have made promises; therefore, both parties
have duties to perform.
a promise for a promise
unilateral contract - ANSWER -one person promises, one person acts.
, i.e. a seller promises to hold a property when the buyer gives an option. buyer can still
choose not to buy, but the seller must sell to buyer if they choose to do it. seller is
making the promise
option - ANSWER -A seller, in exchange for some form of consideration (an option
fee), gives the buyer the right to purchase the property at some preset price and terms
for a period of time.
unilateral contract lacks - ANSWER -mutuality
amendments to the contract - ANSWER -• Changes to the closing date
• Changes to the sales price, down payment and/or amount financed
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
addendum - ANSWER -to a contract is an attachment that adds or further describes
the rights and duties of the parties
assignment - ANSWER -of a contract transfers all of the rights related to the contract to
another party known as an assignee.
novation - ANSWER -occurs when a new contract is substituted for an existing one
statute of limitations - ANSWER -All states have a limitation of time in which an
individual may file suit in court for damages because a party breached a contract.
2 years for oral contract
4 years for written
doctrine of laches - ANSWER -"out of time"
Failure to file suit within the time allowed will result in the party losing his or her
contracted rights
reasons to terminate a contract - ANSWER -BIMPOS
Breach of contract
Impossibility
Mutual agreement
Partial performance
Operation of law
Substantial performance
promulgated forms - ANSWER -Contract forms published by TREC
counteroffer - ANSWER -A rejection of the original offer coupled with a new offer
unauthorized practice of law - ANSWER -License holders add complex provisions to a
contract
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