Promulgated
Contract Forms -
Texas Exam
Questions Verified
and Provided with
A+ Graded Answers|
Latest Updated
2026
,Mutual Consent
A "meeting of the minds" (offer and acceptance)
Unilateral Contract
A contract in which only one party is obligated to perform
Consideration
Something given in exchange for a promise
Option
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.
Unenforceable Contract
A contract that cannot be enforced due to some flaw or other issue in the contract.
Valid Contract
one that meets all the requirements of law; Competent Parties, Offer and Acceptance,
Legal Purpose, In Writing (when required by law), Consideration
,Void Contract
invalid from the beginning, and has no effect on the parties, i.e. illegal act
Voidable Contract
one that cannot be enforced against one or more of the parties, i.e. contract entered
into with a minor
Executory Contract
a contract that is binding on the parties, with one or more of the parties having
contractual duties that have not yet been performed. The effective date is the date that
acceptance was communicated to the offering party.
Bilateral Contract
Both parties are obligated to perform, i.e. a contract of sale between a buyer and a seller
Assignment
Transfers all of the rights related to the contract to another party known as an
assignee. The assignee assumes primary liability for the performance under the
contracts, and the assignor, unless released, remains secondarily liable.
Novation
Occurs when a new contract is substituted for an existing one.
, T or F - Contracts may be valid, void, voidable, but not unenforceable.
Fales
T or F - Though the sale is closed, that doesn't necessarily mean the contract has
been fully executed.
Fales
T or F - Contracts executed by minors are generally voidable at the option of the
minor, but may be enforced by the minor against the adult party.
True
T or F - Changes to the sale price, down payment or amount financed may not be
agreed to by the partied for any reason
False
T or F - All oral negotiations are voluntary, and do not become binding until written.
True
T or F - All states have a limitation of time in which an individual may file suit in
court for damages because a party breaches contract.
True
T or F - A contract for an illegal purpose is void, and the law treats the contract as
if it were never created.
True
Contract Forms -
Texas Exam
Questions Verified
and Provided with
A+ Graded Answers|
Latest Updated
2026
,Mutual Consent
A "meeting of the minds" (offer and acceptance)
Unilateral Contract
A contract in which only one party is obligated to perform
Consideration
Something given in exchange for a promise
Option
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.
Unenforceable Contract
A contract that cannot be enforced due to some flaw or other issue in the contract.
Valid Contract
one that meets all the requirements of law; Competent Parties, Offer and Acceptance,
Legal Purpose, In Writing (when required by law), Consideration
,Void Contract
invalid from the beginning, and has no effect on the parties, i.e. illegal act
Voidable Contract
one that cannot be enforced against one or more of the parties, i.e. contract entered
into with a minor
Executory Contract
a contract that is binding on the parties, with one or more of the parties having
contractual duties that have not yet been performed. The effective date is the date that
acceptance was communicated to the offering party.
Bilateral Contract
Both parties are obligated to perform, i.e. a contract of sale between a buyer and a seller
Assignment
Transfers all of the rights related to the contract to another party known as an
assignee. The assignee assumes primary liability for the performance under the
contracts, and the assignor, unless released, remains secondarily liable.
Novation
Occurs when a new contract is substituted for an existing one.
, T or F - Contracts may be valid, void, voidable, but not unenforceable.
Fales
T or F - Though the sale is closed, that doesn't necessarily mean the contract has
been fully executed.
Fales
T or F - Contracts executed by minors are generally voidable at the option of the
minor, but may be enforced by the minor against the adult party.
True
T or F - Changes to the sale price, down payment or amount financed may not be
agreed to by the partied for any reason
False
T or F - All oral negotiations are voluntary, and do not become binding until written.
True
T or F - All states have a limitation of time in which an individual may file suit in
court for damages because a party breaches contract.
True
T or F - A contract for an illegal purpose is void, and the law treats the contract as
if it were never created.
True
