LAW OF CONTRACTS Questions and Answers
Latest (Verified Answers) | Complete A+
Guide | 100% Correct
• acceleration clause -✓✓clause in a security instrument (mortgage/deed
of trust) which makes the entire loan amount due immediately upon
default
• accessible -✓✓that which can be approached, entered, or viewed
without hazards, specialized equipment, or damaging property
• accession -✓✓refers to the acquisition of new land or real property by
artificial or natural means
• actual damages -✓✓monetary compensation given to an injured party
for losses that were a result of the actions or omissions of another party
• actual notice -✓✓notice given to a specific party regarding the
ownership of a property
• adaptation -✓✓the use and modification of a particular item for a
specific use in a property — specific use for a property could deem an
item as real property
• addenda -✓✓documents containing additional terms, information, or
obligations that are attached to a contract / a document that's attached to
a purchase agreement that includes additional information or requests
items not included in the purchase agreement
• agency -✓✓a relationship where one party is authorized to act on
behalf of the other
,• air rights -✓✓ownership rights to the air above a property, extending
from the surface of the land up into space
• alienation -✓✓the process and act of transferring property from one
party to another
• allodial system -✓✓system of ownership in which land is owned
completely, without an obligation of services or duties to another
• amendment -✓✓a document that changes the terms in a sales contract
that has been previously agreed to by all the parties; requires all parties
to sign the amendment for it to be valid / a change in a legal document
made by adding, altering, or omitting a certain part or term
• Americans with Disabilities Act -✓✓identified and defined protected
disabilities, as well as required all new buildings with employees or
public access to provide reasonable access for people with protected
disabilities
• annexation -✓✓attaching (or affixing) personal property to real estate
in a way that transforms the personal property into real property
• approved contracts -✓✓contracts that are allowed by the Texas Real
Estate Commission but not required
• assignment -✓✓the transference of obligations in a contract from one
party to another
• beneficiary -✓✓the recipient of advantage or gain from an act or
instrument such as a trust, will, or insurance policy
• bilateral -✓✓having or involving two sides, often with some degree of
reciprocal impact or obligation
, • bill of sale -✓✓a certificate of transfer of personal property
• breach of contract -✓✓occurs when the terms or conditions of a
contract have been violated
• closing -✓✓the final step in the home-buying process, during which
the title to the property is transferred from the seller to the buyer and
consideration is paid to the seller
• common law -✓✓the side of law which arises from judgements and
decisions made in courts rather than explicit legislation
• community property -✓✓a special form of joint tenancy that exists
between a married couple, with each owning a one-half interest; any
house or real estate purchased during a marriage is considered
community property
• Community Reinvestment Act -✓✓legislation that ensures depository
institutions meet the credit needs of low- and moderate-income families
• competent -✓✓the mental capacity of an individual to participate in
legal proceedings or transactions
• conditional acceptance -✓✓acceptance based upon a specific condition
or event happening
• condominium -✓✓property where each owner has a separate interest in
their own unit and undivided interest in the common areas
• consideration -✓✓something of value exchanged by the parties as
evidence of agreement to the terms of a contract
Latest (Verified Answers) | Complete A+
Guide | 100% Correct
• acceleration clause -✓✓clause in a security instrument (mortgage/deed
of trust) which makes the entire loan amount due immediately upon
default
• accessible -✓✓that which can be approached, entered, or viewed
without hazards, specialized equipment, or damaging property
• accession -✓✓refers to the acquisition of new land or real property by
artificial or natural means
• actual damages -✓✓monetary compensation given to an injured party
for losses that were a result of the actions or omissions of another party
• actual notice -✓✓notice given to a specific party regarding the
ownership of a property
• adaptation -✓✓the use and modification of a particular item for a
specific use in a property — specific use for a property could deem an
item as real property
• addenda -✓✓documents containing additional terms, information, or
obligations that are attached to a contract / a document that's attached to
a purchase agreement that includes additional information or requests
items not included in the purchase agreement
• agency -✓✓a relationship where one party is authorized to act on
behalf of the other
,• air rights -✓✓ownership rights to the air above a property, extending
from the surface of the land up into space
• alienation -✓✓the process and act of transferring property from one
party to another
• allodial system -✓✓system of ownership in which land is owned
completely, without an obligation of services or duties to another
• amendment -✓✓a document that changes the terms in a sales contract
that has been previously agreed to by all the parties; requires all parties
to sign the amendment for it to be valid / a change in a legal document
made by adding, altering, or omitting a certain part or term
• Americans with Disabilities Act -✓✓identified and defined protected
disabilities, as well as required all new buildings with employees or
public access to provide reasonable access for people with protected
disabilities
• annexation -✓✓attaching (or affixing) personal property to real estate
in a way that transforms the personal property into real property
• approved contracts -✓✓contracts that are allowed by the Texas Real
Estate Commission but not required
• assignment -✓✓the transference of obligations in a contract from one
party to another
• beneficiary -✓✓the recipient of advantage or gain from an act or
instrument such as a trust, will, or insurance policy
• bilateral -✓✓having or involving two sides, often with some degree of
reciprocal impact or obligation
, • bill of sale -✓✓a certificate of transfer of personal property
• breach of contract -✓✓occurs when the terms or conditions of a
contract have been violated
• closing -✓✓the final step in the home-buying process, during which
the title to the property is transferred from the seller to the buyer and
consideration is paid to the seller
• common law -✓✓the side of law which arises from judgements and
decisions made in courts rather than explicit legislation
• community property -✓✓a special form of joint tenancy that exists
between a married couple, with each owning a one-half interest; any
house or real estate purchased during a marriage is considered
community property
• Community Reinvestment Act -✓✓legislation that ensures depository
institutions meet the credit needs of low- and moderate-income families
• competent -✓✓the mental capacity of an individual to participate in
legal proceedings or transactions
• conditional acceptance -✓✓acceptance based upon a specific condition
or event happening
• condominium -✓✓property where each owner has a separate interest in
their own unit and undivided interest in the common areas
• consideration -✓✓something of value exchanged by the parties as
evidence of agreement to the terms of a contract
