LEGAL ASPECTS STUDY EXAM SET QUESTIONS
AND ANSWERS SET A+
✔✔a. acceptable consideration - ✔✔Which of the following would not create a situation
in which the contract could be voidable?
a. acceptable consideration
b. fraud
c. mutual mistake
d. undue influence
✔✔b. It is a clause in a contract that all prior oral negotiations between the parties are
presumed to be "merged" into the four corners of the final written document. - ✔✔What
is an integration clause?
a. It is a requirement that all contracts be interpreted the same, regardless of the racial
background of each party.
b. It is a clause in a contract that all prior oral negotiations between the parties are
presumed to be "merged" into the four corners of the final written document.
c. It is a contractual provision that if either party breaches the agreement, they will only
have to pay a specific sum of money.
d. It is a clause that provides that one party's obligation to perform under a contract
does not arise until a certain event has taken place.
✔✔c. a quasi-contract
an obligation of one party to another imposed by law independently of an agreement
between the parties. - ✔✔When the law allows one party a recovery, even though no
real contract existed, to avoid the unjust enrichment of the other party, this is known as:
a. an illusory contract
, b. a unilateral contract
c. a quasi-contract
d. a voidable contract
✔✔c. performance - ✔✔Of the ways to discharge a contract, which common way results
in a completed contract because each party carried out his or her part of the
agreement?
a. breach
b. cancellation
c. performance
d. revocation
✔✔d. legal remedies for breach of contract - ✔✔What is the commonality of
compensatory, punitive, and nominal damages?
a. assignment of a contract
b. equitable remedies for breach of contract
c. laches as it pertains to contracts
d. legal remedies for breach of contract
✔✔a. frauds - ✔✔The statute of ___ requires that all real estate contracts must be in
writing to be enforceable.
a. frauds
b. limitations
c. validity
d. contracts
✔✔a. exclusive agency listing - ✔✔Although the procuring cause is important in all
listings, in which type of listing would it most likely be of utmost importance to a broker?
a. exclusive agency listing
b. exclusive right to sell listing
c. net listing
d. open listing
✔✔b. acceptance of - ✔✔Once the seller reviews the offer and agrees to the terms, the
seller signs the sales contract; this ultimately signifies ____ the offer.
a. refusal of
b. acceptance of
c. a counter to
d. revocation of
AND ANSWERS SET A+
✔✔a. acceptable consideration - ✔✔Which of the following would not create a situation
in which the contract could be voidable?
a. acceptable consideration
b. fraud
c. mutual mistake
d. undue influence
✔✔b. It is a clause in a contract that all prior oral negotiations between the parties are
presumed to be "merged" into the four corners of the final written document. - ✔✔What
is an integration clause?
a. It is a requirement that all contracts be interpreted the same, regardless of the racial
background of each party.
b. It is a clause in a contract that all prior oral negotiations between the parties are
presumed to be "merged" into the four corners of the final written document.
c. It is a contractual provision that if either party breaches the agreement, they will only
have to pay a specific sum of money.
d. It is a clause that provides that one party's obligation to perform under a contract
does not arise until a certain event has taken place.
✔✔c. a quasi-contract
an obligation of one party to another imposed by law independently of an agreement
between the parties. - ✔✔When the law allows one party a recovery, even though no
real contract existed, to avoid the unjust enrichment of the other party, this is known as:
a. an illusory contract
, b. a unilateral contract
c. a quasi-contract
d. a voidable contract
✔✔c. performance - ✔✔Of the ways to discharge a contract, which common way results
in a completed contract because each party carried out his or her part of the
agreement?
a. breach
b. cancellation
c. performance
d. revocation
✔✔d. legal remedies for breach of contract - ✔✔What is the commonality of
compensatory, punitive, and nominal damages?
a. assignment of a contract
b. equitable remedies for breach of contract
c. laches as it pertains to contracts
d. legal remedies for breach of contract
✔✔a. frauds - ✔✔The statute of ___ requires that all real estate contracts must be in
writing to be enforceable.
a. frauds
b. limitations
c. validity
d. contracts
✔✔a. exclusive agency listing - ✔✔Although the procuring cause is important in all
listings, in which type of listing would it most likely be of utmost importance to a broker?
a. exclusive agency listing
b. exclusive right to sell listing
c. net listing
d. open listing
✔✔b. acceptance of - ✔✔Once the seller reviews the offer and agrees to the terms, the
seller signs the sales contract; this ultimately signifies ____ the offer.
a. refusal of
b. acceptance of
c. a counter to
d. revocation of
