Promulgated Contract Forms - Texas
Study online at https://quizlet.com/_3yk6iq
1. Mutual Consent A "meeting of the minds"
(offer and acceptance)
2. Unilateral Contract A contract in which only
one party is obligated to
perform
3. Consideration Something given in ex-
change for a promise
4. Option An agreement between a
buyer and seller giving the
buyer the right to pur-
chase a property at a pre-
set price for a given period
of time.
5. Unenforceable Contract A contract that cannot be
enforced due to some flaw
or other issue in the con-
tract.
6. Valid Contract one that meets all the re-
quirements of law; Com-
petent Parties, Offer and
Acceptance, Legal Pur-
pose, In Writing (when re-
quired by law), Consider-
ation
7. Void Contract invalid from the begin-
ning, and has no effect on
the parties, i.e. illegal act
, Promulgated Contract Forms - Texas
Study online at https://quizlet.com/_3yk6iq
8. Voidable Contract one that cannot be en-
forced against one or
more of the parties, i.e.
contract entered into with
a minor
9. Executory Contract a contract that is binding
on the parties, with one or
more of the parties hav-
ing contractual duties that
have not yet been per-
formed. The effective date
is the date that acceptance
was communicated to the
offering party.
10. Bilateral Contract Both parties are obligated
to perform, i.e. a contract
of sale between a buyer
and a seller
11. Assignment Transfers all of the rights
related to the contract
to another party known
as an assignee. The as-
signee assumes prima-
ry liability for the per-
formance under the con-
tracts, and the assignor,
unless released, remains
secondarily liable.
, Promulgated Contract Forms - Texas
Study online at https://quizlet.com/_3yk6iq
12. Novation Occurs when a new con-
tract is substituted for an
existing one.
13. T or F - Contracts may be valid, void, voidable, but not Fales
unenforceable.
14. T or F - Though the sale is closed, that doesn't neces- Fales
sarily mean the contract has been fully executed.
15. T or F - Contracts executed by minors are generally True
voidable at the option of the minor, but may be en-
forced by the minor against the adult party.
16. T or F - Changes to the sale price, down payment or False
amount financed may not be agreed to by the partied
for any reason
17. T or F - All oral negotiations are voluntary, and do not True
become binding until written.
18. T or F - All states have a limitation of time in which an True
individual may file suit in court for damages because
a party breaches contract.
19. T or F - A contract for an illegal purpose is void, and True
the law treats the contract as if it were never created.
20. T or F - An novation to a contract is an attachment that False
adds or further describes the rights and duties of the
parties.
21. T or F - An addendum to a contract occurs when a new False
contract is substituted for an existing one.
Study online at https://quizlet.com/_3yk6iq
1. Mutual Consent A "meeting of the minds"
(offer and acceptance)
2. Unilateral Contract A contract in which only
one party is obligated to
perform
3. Consideration Something given in ex-
change for a promise
4. Option An agreement between a
buyer and seller giving the
buyer the right to pur-
chase a property at a pre-
set price for a given period
of time.
5. Unenforceable Contract A contract that cannot be
enforced due to some flaw
or other issue in the con-
tract.
6. Valid Contract one that meets all the re-
quirements of law; Com-
petent Parties, Offer and
Acceptance, Legal Pur-
pose, In Writing (when re-
quired by law), Consider-
ation
7. Void Contract invalid from the begin-
ning, and has no effect on
the parties, i.e. illegal act
, Promulgated Contract Forms - Texas
Study online at https://quizlet.com/_3yk6iq
8. Voidable Contract one that cannot be en-
forced against one or
more of the parties, i.e.
contract entered into with
a minor
9. Executory Contract a contract that is binding
on the parties, with one or
more of the parties hav-
ing contractual duties that
have not yet been per-
formed. The effective date
is the date that acceptance
was communicated to the
offering party.
10. Bilateral Contract Both parties are obligated
to perform, i.e. a contract
of sale between a buyer
and a seller
11. Assignment Transfers all of the rights
related to the contract
to another party known
as an assignee. The as-
signee assumes prima-
ry liability for the per-
formance under the con-
tracts, and the assignor,
unless released, remains
secondarily liable.
, Promulgated Contract Forms - Texas
Study online at https://quizlet.com/_3yk6iq
12. Novation Occurs when a new con-
tract is substituted for an
existing one.
13. T or F - Contracts may be valid, void, voidable, but not Fales
unenforceable.
14. T or F - Though the sale is closed, that doesn't neces- Fales
sarily mean the contract has been fully executed.
15. T or F - Contracts executed by minors are generally True
voidable at the option of the minor, but may be en-
forced by the minor against the adult party.
16. T or F - Changes to the sale price, down payment or False
amount financed may not be agreed to by the partied
for any reason
17. T or F - All oral negotiations are voluntary, and do not True
become binding until written.
18. T or F - All states have a limitation of time in which an True
individual may file suit in court for damages because
a party breaches contract.
19. T or F - A contract for an illegal purpose is void, and True
the law treats the contract as if it were never created.
20. T or F - An novation to a contract is an attachment that False
adds or further describes the rights and duties of the
parties.
21. T or F - An addendum to a contract occurs when a new False
contract is substituted for an existing one.
