TEXAS PROMULGATED CONTRACTS FORMS
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Practice questions for this set
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Proration
Choose an answer
__________ is the process of dividing
1 Mutual Consent 2 the ongoing expenses between the
buyer and the seller at closing.
Which of the following was added
to federal fair housing laws as a
protected class in 1974?
T or F - Contracts may be valid,
3 void, voidable, but not 4
a. race
unenforceable.
b. profession
, c. religion
d. gender
Don't know?
Terms in this set (193)
Mutual Consent A "meeting of the minds" (offer and acceptance)
Unilateral Contract A contract in which only one party is obligated to
perform
Consideration Something given in exchange for a promise
Option 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.
Unenforceable Contract A contract that cannot be enforced due to some
flaw or other issue in the contract.
Valid Contract one that meets all the requirements of law;
Competent Parties, Offer and Acceptance, Legal
Purpose, In Writing (when required by law),
Consideration
Void Contract invalid from the beginning, and has no effect on
the parties, i.e. illegal act
Voidable Contract one that cannot be enforced against one or more
of the parties, i.e. contract entered into with a
minor
, Executory Contract a contract that is binding on the parties, with one
or more of the parties having contractual duties
that have not yet been performed. The effective
date is the date that acceptance was
communicated to the offering party.
Bilateral Contract Both parties are obligated to perform, i.e. a
contract of sale between a buyer and a seller
Assignment Transfers all of the rights related to the contract
to another party known as an assignee. The
assignee assumes primary liability for the
performance under the contracts, and the
assignor, unless released, remains secondarily
liable.
Novation Occurs when a new contract is substituted for an
existing one.
T or F - Contracts may be valid, Fales
void, voidable, but not
unenforceable.
T or F - Though the sale is closed, Fales
that doesn't necessarily mean the
contract has been fully executed.
T or F - Contracts executed by True
minors are generally voidable at the
option of the minor, but may be
enforced by the minor against the
adult party.
(TREC) | UPDATE|COMPREHENSIVE FREQUENT
MOST-TESTED QUESTIONS AND VERIFIED
ANSWERS/SOLUTIONS|GET IT 100%
ACCURATE!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Proration
Choose an answer
__________ is the process of dividing
1 Mutual Consent 2 the ongoing expenses between the
buyer and the seller at closing.
Which of the following was added
to federal fair housing laws as a
protected class in 1974?
T or F - Contracts may be valid,
3 void, voidable, but not 4
a. race
unenforceable.
b. profession
, c. religion
d. gender
Don't know?
Terms in this set (193)
Mutual Consent A "meeting of the minds" (offer and acceptance)
Unilateral Contract A contract in which only one party is obligated to
perform
Consideration Something given in exchange for a promise
Option 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.
Unenforceable Contract A contract that cannot be enforced due to some
flaw or other issue in the contract.
Valid Contract one that meets all the requirements of law;
Competent Parties, Offer and Acceptance, Legal
Purpose, In Writing (when required by law),
Consideration
Void Contract invalid from the beginning, and has no effect on
the parties, i.e. illegal act
Voidable Contract one that cannot be enforced against one or more
of the parties, i.e. contract entered into with a
minor
, Executory Contract a contract that is binding on the parties, with one
or more of the parties having contractual duties
that have not yet been performed. The effective
date is the date that acceptance was
communicated to the offering party.
Bilateral Contract Both parties are obligated to perform, i.e. a
contract of sale between a buyer and a seller
Assignment Transfers all of the rights related to the contract
to another party known as an assignee. The
assignee assumes primary liability for the
performance under the contracts, and the
assignor, unless released, remains secondarily
liable.
Novation Occurs when a new contract is substituted for an
existing one.
T or F - Contracts may be valid, Fales
void, voidable, but not
unenforceable.
T or F - Though the sale is closed, Fales
that doesn't necessarily mean the
contract has been fully executed.
T or F - Contracts executed by True
minors are generally voidable at the
option of the minor, but may be
enforced by the minor against the
adult party.
