Promulgated Contract Forms (Champions) Exam With Complete Solutions
reasons for termination - correct answers-mutual agreement; partial
performance; substantial performance; impossibility; operation of law; breach of
contract
bilateral contract - correct answers-a contract of sale between a buyer and
seller
executory contract - correct answers-a contract that is binding on the parties,
with one or more of the parties having contractual duties that have not yet been
performed
promulgated forms - correct answers-contract forms published by TREC
counteroffer - correct answers-a rejection of the original offer coupled with a
new offer
offeror - correct answers-the party making the offer
, Buyer's or Seller's Temporary Residential Lease - correct answers-for no more
than 90 days
offer must be presented... - correct answers-phone, fax, email, letter, hand
delivery
options when responding to an offer - correct answers-do nothing; reject; accept;
counteroffer
acceptance - correct answers-means that the accepting party does so with no
change to the contract whatsoever
net sheet - correct answers-an estimate of the net proceeds to the seller and
should be prepared based upon the offer being considered
mutual consent - correct answers-a "meeting of the minds"
unilateral contract - correct answers-a contract in which only one party is
obligated to perform
reasons for termination - correct answers-mutual agreement; partial
performance; substantial performance; impossibility; operation of law; breach of
contract
bilateral contract - correct answers-a contract of sale between a buyer and
seller
executory contract - correct answers-a contract that is binding on the parties,
with one or more of the parties having contractual duties that have not yet been
performed
promulgated forms - correct answers-contract forms published by TREC
counteroffer - correct answers-a rejection of the original offer coupled with a
new offer
offeror - correct answers-the party making the offer
, Buyer's or Seller's Temporary Residential Lease - correct answers-for no more
than 90 days
offer must be presented... - correct answers-phone, fax, email, letter, hand
delivery
options when responding to an offer - correct answers-do nothing; reject; accept;
counteroffer
acceptance - correct answers-means that the accepting party does so with no
change to the contract whatsoever
net sheet - correct answers-an estimate of the net proceeds to the seller and
should be prepared based upon the offer being considered
mutual consent - correct answers-a "meeting of the minds"
unilateral contract - correct answers-a contract in which only one party is
obligated to perform
