Real Estate Texas Promulgated Contract Forms Exam Questions and Answers

The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? - Answer-Performance Which of the following is an example of consideration? - Answer-Money, personal services, cash A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the? - Answer-Statute of Frauds Which of the following is an example of a forbearance contract? - Answer-Options contract A valid contract must be ______ and enforceable? - Answer-Binding Which of the following real estate contracts does not have to be in writing? - Answer-Leases under one year If one of the parties to a contract does not voluntarily agree to the contract, this element of valid contract is violated? - Answer-Mutual agreement To have no force or effect is referred to as a .......... contract? - Answer-Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? - Answer-Voidable In order to be considered a competent party, an individual must be of the age of the? - Answer-Majority A contract in which one of the parties is a minor is considered a - Answer-Voidable contract A contract in which there is fraud by either commission or omission is voidable by the? - Answer-Non-fraudulent party A contract in which each party promises to do something is referred to as a - Answer-Bilateral contract When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a? - Answer-Unilateral contract