Promulgated Contract Forms (Champions)| Questions With 100% Correct Answers | Verified

mutual consent - a "meeting of the minds" unilateral contract - a contract in which only one party is obligated to perform unenforceable contract - a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment - changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda - an attachment that adds or further describes the rights and duties of the parties assignment - transfers all of the rights related to the contract to another party known as assignee novation - when a new contract is substituted fro an existing one statute of limitations - limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination - mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract