Unenforceable contract - Study guides, Class notes & Summaries

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

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...

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

Promulgated Forms – Champions Exam Study Guide with Complete Solutions 100% Verified 2024/2025 Mutual Consent - Correct Answer "meeting of the minds" unilateral contract - Correct Answer A contract in which only one party is obligated to perform consideration - Correct Answer Something given in exchange for a promise option - Correct Answer an agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time ...

A married couple have prequalified for a $240,000 conventional mortgage. If they put 20% down, they can buy a house for Correct Answer $300,000 What facts need not be disclosed in a real estate transaction? Correct Answer The property was the site of a homicide. What is a good graphic to show a seller that there will be more activity if the property is competitively priced? Correct Answer The pricing pyramid A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee i...

One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): A) attorney-in-fact B) broker with a listing C) special agent D) attorney-at-law attorney-in-fact No two parcels of land are exactly alike because no two parcels can occupy the same position on the globe. This is known as: A) township B) section C) scarcity D) nonhomogeneity nonhomogeneity The five essential elements that make a contract valid are: comp...

John assigned his right to receive a deed from Trudy to Hannah. Contracts assigning deeds are unenforceable. John is relieved from making payment to Trudy. Hannah will be entitled to the deed. John is an assignee. Correct Answer-Hannah will be entitled to the deed. Harry offers in writing to sell Lynn Blackacre. Lynn accepts, thinking that the offer refers to Greenacre. In fact, Harry made the offer thinking that it referred to Greenacre. Either party may rescind the contract because ...

CON 1100V Exam (2024/ 2025 Update) Questions and Verified Answers-100% Correct-Grade A Q: It may be said that a Contracting Specialist DOES NOT become a Contracting Officer until Answer: he/she is awarded a warrant. Q: FAR 1.102-4(e) states that: Answer: contracting officers "should take the lead in encouraging business process innovations and ensuring that business decisions are sound." Q: The contracting professional should strive to __________ the influence of p...

MULTISTATE BAR CONTRACTS AND SALES – EXAM 2024 How do you form a contract? - correct answer To form an enforceable contract, there must be mutual assent (offer and acceptance), consideration, and the absence of any formation or enforcement defenses. What is consideration? - correct answer 1) A bargained-for exchange that 2) has legal value. Legal value is either a benefit to the promisor or detriment to the promisee. The promise must induce the benefit/detriment and the benefit/detrim...

LEB 320F Exam 2 Questions and Answers Already Passed Explain the concept of "promissory estoppel." Promissory estoppel prevents a party from backing out of a promise when the other party has relied on that promise to their detriment. What does "parol evidence rule" entail in contract law? The parol evidence rule prohibits the use of oral or extraneous evidence to alter or contradict the terms of a written contract. When is a "contract of adhesion" likely to be unenforceable...