45-Hour Post-Licensing Completion
Certificate
⩥ A contract that violates a rule intended for the protection of private
parties, as when a party lacked capacity or did not give free consent at
the time the contract was made is said to be: Answer: relatively null
⩥ If a court is called upon to determine the intent of the parties to a
contract based upon the language in the contract, the court will interpret
the contract _____ the party that did not draft it. Answer: in favor of
⩥ Another, more common, name for a mandate or procuration is:
Answer: Power of attorney
⩥ Regarding damages as specified in a contract, the right to specific
performance and other remedies may be controlled by the: Answer:
contract
⩥ Is it permissible for a Trustee to buy, sell, or mortgage immovable
property for the trust? Answer: YES, as long as the trust document does
not prohibit such an act
⩥ Fill in the blank with the correct answer to this statement: In a
contract where one party obligates himself to another without obtaining
any advantage in return, the contract is referred to as: Answer: gratuitous
, ⩥ Redhibition concerns: Answer: the condition of the property
⩥ A(n) __________ is an agreement in which a party promises not to
sell a thing without first offering it to a certain person. Answer: Right of
first refusal
⩥ Unless otherwise stipulated, the time for acceptance of a right of first
refusal is: Answer: 30 days
⩥ Parties may stipulate the damages to be recovered in case of
nonperformance, defective performance, or delay in performance of an
obligation. These are called: Answer: Liquidated damages
⩥ Under the concept of "Fitness for Use," anything sold must be fit for
its: Answer: Ordinary use
⩥ A buyer agency agreement is an agreement between: Answer: a
broker and a buyer
⩥ What eventually happens to the deposit given when a purchase
agreement is executed? Answer: When the sale closes it is given to the
seller as a portion of the purchase price.
⩥ Fill in the blank: Regarding a contract where both parties are in error
("mutual error" by both Buyer and Seller) then courts are more likely to
grant ________of the contract. Answer: rescission
Certificate
⩥ A contract that violates a rule intended for the protection of private
parties, as when a party lacked capacity or did not give free consent at
the time the contract was made is said to be: Answer: relatively null
⩥ If a court is called upon to determine the intent of the parties to a
contract based upon the language in the contract, the court will interpret
the contract _____ the party that did not draft it. Answer: in favor of
⩥ Another, more common, name for a mandate or procuration is:
Answer: Power of attorney
⩥ Regarding damages as specified in a contract, the right to specific
performance and other remedies may be controlled by the: Answer:
contract
⩥ Is it permissible for a Trustee to buy, sell, or mortgage immovable
property for the trust? Answer: YES, as long as the trust document does
not prohibit such an act
⩥ Fill in the blank with the correct answer to this statement: In a
contract where one party obligates himself to another without obtaining
any advantage in return, the contract is referred to as: Answer: gratuitous
, ⩥ Redhibition concerns: Answer: the condition of the property
⩥ A(n) __________ is an agreement in which a party promises not to
sell a thing without first offering it to a certain person. Answer: Right of
first refusal
⩥ Unless otherwise stipulated, the time for acceptance of a right of first
refusal is: Answer: 30 days
⩥ Parties may stipulate the damages to be recovered in case of
nonperformance, defective performance, or delay in performance of an
obligation. These are called: Answer: Liquidated damages
⩥ Under the concept of "Fitness for Use," anything sold must be fit for
its: Answer: Ordinary use
⩥ A buyer agency agreement is an agreement between: Answer: a
broker and a buyer
⩥ What eventually happens to the deposit given when a purchase
agreement is executed? Answer: When the sale closes it is given to the
seller as a portion of the purchase price.
⩥ Fill in the blank: Regarding a contract where both parties are in error
("mutual error" by both Buyer and Seller) then courts are more likely to
grant ________of the contract. Answer: rescission
