Executory - Study guides, Class notes & Summaries

Promulgated Contract Forms Practice Test Questions With All Correct Answers Elements of a Valid and Enforceable Contract - CORRECT ANSWERS 1. Competent Parties 2. Offer and Acceptance (mutual consent) 3. Legal Purpose 4. In Writing 5. Consideration Valid Contract - CORRECT ANSWERS A contract that meets all the requirements of law. Void Contract - CORRECT ANSWERS A contract having no legal force or binding effect...

1. The state of the contract between the execution date and the closing. A) Fully executed contracted B) Executed contract C) Option contract D) Executory contract ANS D) Executory contract 2. This lease has a defined specific beginning and ending date. A) Estate at sufferance B) Estate at will C) Estate from period to period D) Estate for years ANS D) Estate for years 3. The TREC ONE-TO-FOUR RESIDENTIAL RESALE CONTRACT requires the seller to deliver to the buyer at closing. A) ...

Fee Simple Absolute The maximum possible estate one can possess in real property, denoting the aggregate of all possible rights that a person may have in that parcel of land Language to convey fee simple absolute: Common law v. Modern law Common law: "to A and his heirs" Modern law: "to A" Defeasible Estate Estate that may terminate before its maximum duration has run. Types of Defeasible Estates (1) Fee Simple Determinable (2) Fee Simple Subject to Condition Subsequent (3) Fee S...

assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defaults. correct answersWhen the buyer is in default and the seller keeps the earnest money, the contract MOST likely provided for: executory. The phase from offer to a closed and executed/closed cont...

Executed and Executory contracts are differentiated by: - their stages of fulfillment. Which of these is an exemption to the "legal capacity" requirement to form a contract? - A contract for a life necessity. A contract for non-life necessities with a person lacking legal capacity is: - Voidable A contract for deed is a classic example of a(n): - Executory contract An option is a form of which kind of contract? - Unilateral According to TREC a "reasonable time" within which to deposit ...

Important Contractual Concepts: Executory Contract Correct Answer Contract that is not completed immediately; some future act remains to be done to consummate the contract Important Contractual Concepts: Contracts of Adhesion Correct Answer one sided contract -- no negotiating Important Contractual Concepts: Aleatory Correct Answer unequal contract -- one person/party will receive more than another Important Contractual Concepts: Parol Evidence Rule Correct Answer Everything agreed upon...

Kentucky Life Insurance Exam Questions With All Correct Answers Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...

When classifying contracts according to their state of performance, a contract that has been fully performed on both sides is a(n): a. executed contract. b. valid contract. c. void contract. d. executory contract. - Answer a. executed contract

The _____ has oversight authority over state appraisal boards. CORRECT ANSWERS: ASC (Appraisal Subcommittee) Which of the below is a requirement of a valid real estate contract? CORRECT ANSWERS: consideration, in writing and signed, and lawful objective "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. CORRECT ANSWERS: capital An analysis of the market conditions of supply, demand, and p...

TEXAS PROMULGATED CONTRACTS- CHAMPIONS FINAL EXAM STUDY GUIDE 2024/COMPLETE QUESTIONS WITH CORRECT DETAILED ANSERS/A+ GRADE The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and . (a) Default (b) Mutual consent (c) Property condition (d) Recording - B parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - A