ACEABLE AGENT TEXAS PROMULGATED
CONTRACTS EXAM 5 CORE TEXAS REAL
ESTATE CONTRACT LAW AND FORMS REVIEW
2026
◉ Executory Contract.
Answer: A contract that is not completely executed or performed
◉ Executed Contract.
Answer: A contract in which all terms have been fulfilled by all
parties
◉ Bilateral Contract.
Answer: A contract in which one party must promise to do
something for another party and that party must promise to do
something for the first party
◉ Unilateral Contract.
Answer: A contract made between two or more parties in which only
one of those parties makes a promise or otherwise accepts an
obligation
, ◉ Addenda.
Answer: materials added to and included in the initial contract that
provide more information on the transaction
◉ Amendment.
Answer: tems that are attached to the original document and should
never be changed after the document has been signed and accepted
◉ Performance.
Answer: the responsibility of all the parties to carry out their part of
a contract
◉ QuitClaim Deed.
Answer: transfers ownership of whatever the grantor owns but
make no guarantee of ownership and no promise to defend
◉ Novation.
Answer: the substitution of a new contract for an existing contract,
relieves the original party of liability
◉ Statute Of Limitations.
Answer: A law establishing a time limit for civil suits
CONTRACTS EXAM 5 CORE TEXAS REAL
ESTATE CONTRACT LAW AND FORMS REVIEW
2026
◉ Executory Contract.
Answer: A contract that is not completely executed or performed
◉ Executed Contract.
Answer: A contract in which all terms have been fulfilled by all
parties
◉ Bilateral Contract.
Answer: A contract in which one party must promise to do
something for another party and that party must promise to do
something for the first party
◉ Unilateral Contract.
Answer: A contract made between two or more parties in which only
one of those parties makes a promise or otherwise accepts an
obligation
, ◉ Addenda.
Answer: materials added to and included in the initial contract that
provide more information on the transaction
◉ Amendment.
Answer: tems that are attached to the original document and should
never be changed after the document has been signed and accepted
◉ Performance.
Answer: the responsibility of all the parties to carry out their part of
a contract
◉ QuitClaim Deed.
Answer: transfers ownership of whatever the grantor owns but
make no guarantee of ownership and no promise to defend
◉ Novation.
Answer: the substitution of a new contract for an existing contract,
relieves the original party of liability
◉ Statute Of Limitations.
Answer: A law establishing a time limit for civil suits
