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Colorado Contracts RE Questions and
Answers Latest 2026
mutual assent Ans: An offer is a promise by one party to
act in a certain manner provided the other party will act
in the manner requested.
Revocation Ans: withdraw of the offer at any time before
acceptance
rejection Ans: refusal of the offer
operation of law Ans: termination of a contract due to
the death or insanity of either of the offeror or offer.
Three conditions of mutual assent Ans: 1. Offer 2.
Acceptance 3. Reality of Consent
Reality of consent Ans: Consent given knowingly and
voluntarily. without fraud, misrepresentation, undue
influence, duress or mistake
Statue of Frauds Ans: To prevent fraud through perjury.
Mutual assent must be in writing
parol evidence rule Ans: An agreement in writing shows
that the parties intend it as the final and complete
expression of their agreement
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consideration Ans: a promise or an act of legal value
bargained for and received in return for a promise
Good funds Ans: funds available for immediate
withdrawal as a mater of right by agreement with a
financial institution and include lender funds
estoppel certificate Ans: a statement from the lender
regarding the exact loan balance and assumption terms,
including changes to the interest rate etc.
adjudicated water Ans: 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 Ans: the application of a certain portion of
the waters of the State of Colorado to be of beneficial use
appropriation date Ans: the date defining the priority of
right to divert appropriated water in times of limited
supply
appropriator Ans: a person who applies water to
beneficial use so as to obtain a water right
augmentation Ans: 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
© 2025 All rights reserved
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beneficial use Ans: the use of that amount of water that
is reasonable and appropriate under reasonable, efficient
practices to accomplish without waste, the purpose for
which the appropriation is lawfully made
consumptive use Ans: the amount of water that is
consumed during its beneficial use so that it does not
return to the waters of the State of Colorado
designated basin Ans: an area in which the withdrawal of
ground water does not impact the river basin which the
designated basin would otherwise be tributary
direct flow right Ans: a water right that gives the owner
thereof the right to divert water from a specified water
source at a specified rate of flow for current use
ground water Ans: water found below the surface.
Colorado law presumes that all ground water and surface
water is tributary unless proved or provided by statute
otherwise
historic use Ans: the use to which specified water has
previously or historically been put
junior appropriator Ans: an appropriator who's right to
use specified water is subject to a prior or senior right of
another appropriator of the same water source
non-adjudicated right Ans: a water right that has not
been submitted to the appropriate court for judicial
determination
© 2025 All rights reserved
Colorado Contracts RE Questions and
Answers Latest 2026
mutual assent Ans: An offer is a promise by one party to
act in a certain manner provided the other party will act
in the manner requested.
Revocation Ans: withdraw of the offer at any time before
acceptance
rejection Ans: refusal of the offer
operation of law Ans: termination of a contract due to
the death or insanity of either of the offeror or offer.
Three conditions of mutual assent Ans: 1. Offer 2.
Acceptance 3. Reality of Consent
Reality of consent Ans: Consent given knowingly and
voluntarily. without fraud, misrepresentation, undue
influence, duress or mistake
Statue of Frauds Ans: To prevent fraud through perjury.
Mutual assent must be in writing
parol evidence rule Ans: An agreement in writing shows
that the parties intend it as the final and complete
expression of their agreement
© 2025 All rights reserved
, 2 | Page
consideration Ans: a promise or an act of legal value
bargained for and received in return for a promise
Good funds Ans: funds available for immediate
withdrawal as a mater of right by agreement with a
financial institution and include lender funds
estoppel certificate Ans: a statement from the lender
regarding the exact loan balance and assumption terms,
including changes to the interest rate etc.
adjudicated water Ans: 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 Ans: the application of a certain portion of
the waters of the State of Colorado to be of beneficial use
appropriation date Ans: the date defining the priority of
right to divert appropriated water in times of limited
supply
appropriator Ans: a person who applies water to
beneficial use so as to obtain a water right
augmentation Ans: 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
© 2025 All rights reserved
, 3 | Page
beneficial use Ans: the use of that amount of water that
is reasonable and appropriate under reasonable, efficient
practices to accomplish without waste, the purpose for
which the appropriation is lawfully made
consumptive use Ans: the amount of water that is
consumed during its beneficial use so that it does not
return to the waters of the State of Colorado
designated basin Ans: an area in which the withdrawal of
ground water does not impact the river basin which the
designated basin would otherwise be tributary
direct flow right Ans: a water right that gives the owner
thereof the right to divert water from a specified water
source at a specified rate of flow for current use
ground water Ans: water found below the surface.
Colorado law presumes that all ground water and surface
water is tributary unless proved or provided by statute
otherwise
historic use Ans: the use to which specified water has
previously or historically been put
junior appropriator Ans: an appropriator who's right to
use specified water is subject to a prior or senior right of
another appropriator of the same water source
non-adjudicated right Ans: a water right that has not
been submitted to the appropriate court for judicial
determination
© 2025 All rights reserved
