Texas Promulgated Contracts-champions Questions with Complete Solutions

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - Answer-B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - Answer-A A federal disclosure requirement for residential properties built prior to 1978 is: (a) An energy efficiency audit (b) A lead-based paint disclosure (c) A seller's disclosure of property condition (d) A water district noticeAccording to the Seller - Answer-B If the Seller agrees to contribute to the Buyer's closing costs, the amount should be: (a) entered in Paragraph 11, Special Provisions (b) paid in cash to the Buyer after closing