COLORADO CONTRACTS RE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+. VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS RE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+. VERIFIED. mutual assent - -An offer is a promise by one party to act in a certain manner provided the other party will act in the manner requested. Lapse of time - - Revocation - -withdraw of the offer at any time before acceptance rejection - -refusal of the offer operation of law - -termination of a contract due to the death or insanity of either of the offeror or offer. Three conditions of mutual assent - -1. Offer 2. Acceptance 3. Reality of Consent Reality of consent - -Consent given knowingly and voluntarily. without fraud, misrepresentation, undue influence, duress or mistake Statue of Frauds - -To prevent fraud through perjury. Mutual assent must be in writing parol evidence rule - -An agreement in writing shows that the parties intend it as the final and complete expression of their agreement consideration - -a promise or an act of legal value bargained for and received in return for a promise Good funds - -funds available for immediate withdrawal as a mater of right by agreement with a financial institution and include lender funds estoppel certificate - -a statement from the lender regarding the exact loan balance and assumption terms, including changes to the interest rate etc. adjudicated water - -the judicial decree of the extent, nature and limitations of an appropriation in statutory court proceeding. The decree does not confer a right but confirms the right already taken appropriation - -the application of a certain portion of the waters of the State of Colorado to be of beneficial use appropriation date - -the date defining the priority of right to divert appropriated water in times of limited supply appropriator - -a person who applies water to beneficial use so as to obtain a water right augmentation - -a program to increase the supply of water available for beneficial use in a water basin by development of new or alternate means or points of diversion by pooling of water resources, by water exchange projects by providing substitute supplies of water, or by the development of new sources of water beneficial use - -the use of that amount of water that is reasonable and appropriate under reasonable, efficient practices to accomplish without waste, the purpose f