Texas Promulgated Contract
Forms Exam Questions and
Answers 100% Pass
An agreement between a buyer and seller giving the buyer the right to purchase a
property at a preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
,c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-C
A contract in which only one party is obligated to perform.
,a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-B
The five essential elements that must exist for a real estate sales contract to be
considered valid and enforceable are: legal purpose, competent parties, mutual
assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - CORRECT ANSWER:-B
If a contract has been entered into with a person who has been judged to be
incompetent, that contract is considered _________________ because that person
never had the capacity to enter into it.
a. Executed
, b. Valid
c. Voidable
d. Void - CORRECT ANSWER:-D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - CORRECT ANSWER:-C
A buyer who has the right to purchase a property at a preset price and terms for a
period of time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - CORRECT ANSWER:-A
Forms Exam Questions and
Answers 100% Pass
An agreement between a buyer and seller giving the buyer the right to purchase a
property at a preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
,c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-C
A contract in which only one party is obligated to perform.
,a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - CORRECT ANSWER:-B
The five essential elements that must exist for a real estate sales contract to be
considered valid and enforceable are: legal purpose, competent parties, mutual
assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - CORRECT ANSWER:-B
If a contract has been entered into with a person who has been judged to be
incompetent, that contract is considered _________________ because that person
never had the capacity to enter into it.
a. Executed
, b. Valid
c. Voidable
d. Void - CORRECT ANSWER:-D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - CORRECT ANSWER:-C
A buyer who has the right to purchase a property at a preset price and terms for a
period of time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - CORRECT ANSWER:-A
