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Promulgated Contract Forms (Champions)
Questions and Correct Answers/ Latest Update /
Already Graded
mutual consent
Ans: a "meeting of the minds"
unilateral contract
Ans: a contract in which only one party is obligated to perform
unenforceable contract
Ans: a contract that cannot be enforced due to some flaw or other issue in the
contract
elements of a valid and enforceable contract
Ans: COLIC (competent parties, offer and acceptance, legal purpose, in writing,
consideration)
amendment
Ans: changes to the contract; common ones include changes to the closing date,
changes to the sales price, down payment or amount finances, repairs the the
seller agrees to perform, removal or waiver of contingencies
addenda
Ans: an attachment that adds or further describes the rights and duties of the
parties
assignment
© 2025/ 2026 | ® All rights reserved
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Ans: transfers all of the rights related to the contract to another party known
as assignee
novation
Ans: when a new contract is substituted fro an existing one
statute of limitations
Ans: limits the time you may file suit. In Texas, it's two years for oral agreement
and four years for a written agreement
reasons for termination
Ans: mutual agreement; partial performance; substantial performance;
impossibility; operation of law; breach of contract
bilateral contract
Ans: a contract of sale between a buyer and seller
executory contract
Ans: 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
Ans: contract forms published by TREC
counteroffer
Ans: a rejection of the original offer coupled with a new offer
© 2025/ 2026 | ® All rights reserved
Promulgated Contract Forms (Champions)
Questions and Correct Answers/ Latest Update /
Already Graded
mutual consent
Ans: a "meeting of the minds"
unilateral contract
Ans: a contract in which only one party is obligated to perform
unenforceable contract
Ans: a contract that cannot be enforced due to some flaw or other issue in the
contract
elements of a valid and enforceable contract
Ans: COLIC (competent parties, offer and acceptance, legal purpose, in writing,
consideration)
amendment
Ans: changes to the contract; common ones include changes to the closing date,
changes to the sales price, down payment or amount finances, repairs the the
seller agrees to perform, removal or waiver of contingencies
addenda
Ans: an attachment that adds or further describes the rights and duties of the
parties
assignment
© 2025/ 2026 | ® All rights reserved
, 2 | Page
Ans: transfers all of the rights related to the contract to another party known
as assignee
novation
Ans: when a new contract is substituted fro an existing one
statute of limitations
Ans: limits the time you may file suit. In Texas, it's two years for oral agreement
and four years for a written agreement
reasons for termination
Ans: mutual agreement; partial performance; substantial performance;
impossibility; operation of law; breach of contract
bilateral contract
Ans: a contract of sale between a buyer and seller
executory contract
Ans: 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
Ans: contract forms published by TREC
counteroffer
Ans: a rejection of the original offer coupled with a new offer
© 2025/ 2026 | ® All rights reserved
