Texas Promulgated Contracts
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1. addenda additions to a completed contract that specify supplementary information to the
contract
2. amendment change or modification to an already agreed-upon contract
3. bilateral contract a contract wherein both parties are obligated to perform in an exchange of
promises
4. buyer rebate anything during a transaction that causes money to go back to the buyer, either at
or after closing, without the knowledge of the lender
5. casualty loss a sudden, unexpected event like a fire, flood, storm, earthquake that causes
damage to a property
6. consideration something of value exchanged by the parties as evidence of agreement to the
terms of a contract
7. contract a legally enforceable and binding agreement between parties wherein a promise
to do or not do something is given in exchange for valuable consideration
8. counteroffer a contract proposal submitted in response to a previous offer, modifying the terms
of the original offer; considered a rejection of the original offer
9. disability a physical or mental impairment that substantially limits one or more major life
activities, the record of such impairment, or being regarded as having such an
impairment
10. earnest money funds paid to confirm or commit to a contract
11. effective date the date a contract becomes binding between the parties
12. endorsement additional coverage that can be added onto an insurance policy
13. escrow
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Study online at https://quizlet.com/_b57bc8
1. addenda additions to a completed contract that specify supplementary information to the
contract
2. amendment change or modification to an already agreed-upon contract
3. bilateral contract a contract wherein both parties are obligated to perform in an exchange of
promises
4. buyer rebate anything during a transaction that causes money to go back to the buyer, either at
or after closing, without the knowledge of the lender
5. casualty loss a sudden, unexpected event like a fire, flood, storm, earthquake that causes
damage to a property
6. consideration something of value exchanged by the parties as evidence of agreement to the
terms of a contract
7. contract a legally enforceable and binding agreement between parties wherein a promise
to do or not do something is given in exchange for valuable consideration
8. counteroffer a contract proposal submitted in response to a previous offer, modifying the terms
of the original offer; considered a rejection of the original offer
9. disability a physical or mental impairment that substantially limits one or more major life
activities, the record of such impairment, or being regarded as having such an
impairment
10. earnest money funds paid to confirm or commit to a contract
11. effective date the date a contract becomes binding between the parties
12. endorsement additional coverage that can be added onto an insurance policy
13. escrow
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