Law of contracts exam 2 - Study guides, Class notes & Summaries

A buyer defaults on a contract and the seller chooses to receive the earnest money. This is an example of: CORRECT ANSWER Liquidated damages In a residential lease with a "right of first refusal" provision: CORRECT ANSWER The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are ready to close. One day prior to c...

What's the difference between an addendum and an amendment? An addendum needs to be signed by all affected parties, but an amendment does not. An addendum is attached to a contract to create additional terms, and an amendment changes the terms within an existing contract. All contracts require amendments, but not all contracts require addenda. TREC promulgates amendments but does not promulgate addenda. correct answersAn addendum is attached to a contract to create additional terms, and an ...

Law of Contracts Exam 2

Real Estate Center correct answersCreated by the Legislature in the 1970s to collect and compile data about real estate in Texas Broker-Lawyer Committee correct answersEstablished by TREC to write mandatory residential contract forms for license holders Texas Real Estate Commission correct answersCreated by the Legislature in 1949 to carry out the provisions of TRELA Real Estate Recovery Trust Account correct answersAdministered by TREC to protect aggrieved individuals who suffer a mone...

forms published by TREC that are mandatory for license holders to use in real estate transactions in Texas correct answerspromulgated forms acting with awareness or flagrant disregard of prudent and fair business practices correct answersintentionally use of adjectives and opinions rather than details or facts correct answerspuffing allows an aggrieved consumer to sue a seller of goods for damages correct answersDeceptive Trade Practices Act drafts and revises contract forms for use ...

unlawful practice of law correct answersWhen license holders add provisions to contracts that go beyond factual business details. Texas Real Estate Commission correct answersTexas Real Estate Commission (TREC) was created by the Legislature in 1949. It is a nine-member commission whose primary purpose is to carry out the provisions of the License Act. Commission members are appointed by the governor and approved by the Senate. Each serves for a six-year term, except the chairman of the Comm...

CCIFP Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version What is the legal definition of a contract? What is the IRS definition? - An agreement between 2 parties that is legally binding & enforceable under applicable law. Strategic planning must consider external factors. These factors change rapidly and are outside the contractor control. - 1. Political 2. Regulatory 3. Market Outlook 4. Social 5. Technology 6. Economic Strategic planning must...

A sale and leaseback agreement is: correct answersa way for landowners to free up capital while maintaining the same overhead expenses With net leases, each added "net" requires a tenant to pay for an additional expense that may have otherwise fallen on the landlord. All of the following are expenses that could be paid under a net lease EXCEPT: correct answersdebt interest (Any lease that requires a tenant to pay rent, property taxes, insurance, and maintenance expenses is a triple-net lea...

Exam Simulator FL-LH - FL Health and Life and Annuity 100% Pass A non-contributory plan requires _________ participation of all eligible employees 100% A characteristic of preferred provider organizations (PPOS) would be: Discounted fees for the patient Which of the following areas of state regulation is NOT protected by the saving clause in ERISA? Commerce Additional coverage can be added to a whole Life policy by adding a(n): decreasing term rider What benefit does the payor clause on a Ju...

CLC 056 exam Analyzing Contract Costs Exam (contains 55 questions) • Here is your test result.The dots represent the choices you have made. • The highlighted questions are the questions you have missed. • Remediation Accessed shows whether you accessed those links.'N' represents links not visited and 'Y' represents visited links. The offeror customarily treats similar costs as “other direct costs” under similar circumstances The proposed cost benefits only the proposed contract work Th...