351 PROMULGATED CONTRACT FORMS 124 Questions with 100% Correct Answers | Verified | Updated 2024

If there is no time limit specified in an offer, then the time limit will expire: - ️️Within a reasonable time The clause in a contract stating that "time is of the essence" would indicate: - ️️Strict performance of certain acts within the time stated in the contract. A bilateral contract is: - ️️A promise in exchange for a promise Essential elements of a contract include: - ️️Competent parties, Offer and acceptance, Consideration A unilateral contract only binds one party to perform.(T/F) - ️️False A real estate broker or salesperson, while acting as an agent for another, is a(n) _____________. - ️️fiduciary The Joint Broker-Lawyer Committee consists of _______________ members. - ️️13 The Texas Real Estate Commission is a nine-member commission appointed by _____________. - ️️the governer The three Canons of Professional Ethics are ____________, ___________, and ______________. - ️️fidelity / integrity / competency