Contractual promise Study guides, Revision notes & Summaries

mortgage Broker - Answer- Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer- Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer- Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer- The process of creating a new mortgage loan U...

AIC301 Exam Questions with Complete Solutions Graded A+ A legally enforceable agreement between two or more parties. - Answer-contract The party to a contract making a promise. - Answer-Promisor The party to a contract to whom a promise is made. - Answer-Promisee The relationship that exists between the parties to a contract. - Answer-Privity of contract A person who is not a party to a contract but who benefits from it and has a legal right to enforce the contract if it is breached...

Mortuary Jurisprudence Final Exam Test Questions With Revised Correct Answers Forebearance - ANSWER : Refraining from doing something you have a lawful right to do 6 elements of an enforceable contract - ANSWER : 1. Agreement 2. Assent 3. Consideration 4. Lawful Purpose 5. Competent Parties 6. Form required by law Requirements of an offer - ANSWER : 1. Contractual intention 2. Definite 3. Communicated to offeree Termination of offer - ANSWER : 1. Counter offer* 2. Rejection by...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

LEGL 2700 Roessing Exam 2 Questions and Answers 2024. Promise - correct answer A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - correct answer The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - correct answer Tangible (touchable), movable personal property Bilateral Contract - correct answer Promise in exchange for a promise Involves...

Texas Promulgated Contracts-CHAMPIONS STUDY Questions with Complete Solutions Latest Updated 2024/2025 The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - Correct Answer B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet b...

CHAPTER 13: Introduction to Contracts - ️️CHAPTER 13: Introduction to Contracts Four Elements of a Contract: CLAC - ️️1. Contractual Capacity 2. Legal Object 3. Agreement (offer, acceptance) 4. Consideration Contract - ️️-A promise or set of legally enforceable promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. Agreement - ️️(Offer & Acceptance) Offer by Oferror to enter into a contract and ac...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording correct answersB A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void correct answersA In th...

Texas Promulgated Contracts CHAMPIONS Exam |QUESTIONS AND ANSWERS | ALREADY PASSED | VERIFIED & UPDATED | 2024 The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and . (a) Default (b) Mutual consent (c) Property condition (d) Recording B A(n) contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c...

Texas Promulgated Contracts-CHAMPIONS STUDY QUESTIONS & ANSWERS 100% Correct!.The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER-B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory ...