TEXAS PROMULGATED CONTRACTS UPDATED FINAL
EXAM QUESTIONS AND ANSWERS SURE A+
addenda - ✔✔additions to a completed contract that specify supplementary information
to the contract
✔✔amendment - ✔✔change or modification to an already agreed-upon contract
✔✔bilateral contract - ✔✔a contract wherein both parties are obligated to perform in an
exchange of promises
✔✔buyer rebate - ✔✔anything during a transaction that causes money to go back to the
buyer, either at or after closing, without the knowledge of the lender
✔✔casualty loss - ✔✔a sudden, unexpected event like a fire, flood, storm, earthquake
that causes damage to a property
✔✔consideration - ✔✔something of value exchanged by the parties as evidence of
agreement to the terms of a contract
✔✔contract - ✔✔a legally enforceable and binding agreement between parties wherein
a promise to do or not do something is given in exchange for valuable consideration
✔✔counteroffer - ✔✔a contract proposal submitted in response to a previous offer,
modifying the terms of the original offer; considered a rejection of the original offer
✔✔disability - ✔✔a physical or mental impairment that substantially limits one or more
major life activities, the record of such impairment, or being regarded as having such an
impairment
✔✔earnest money - ✔✔funds paid to confirm or commit to a contract
EXAM QUESTIONS AND ANSWERS SURE A+
addenda - ✔✔additions to a completed contract that specify supplementary information
to the contract
✔✔amendment - ✔✔change or modification to an already agreed-upon contract
✔✔bilateral contract - ✔✔a contract wherein both parties are obligated to perform in an
exchange of promises
✔✔buyer rebate - ✔✔anything during a transaction that causes money to go back to the
buyer, either at or after closing, without the knowledge of the lender
✔✔casualty loss - ✔✔a sudden, unexpected event like a fire, flood, storm, earthquake
that causes damage to a property
✔✔consideration - ✔✔something of value exchanged by the parties as evidence of
agreement to the terms of a contract
✔✔contract - ✔✔a legally enforceable and binding agreement between parties wherein
a promise to do or not do something is given in exchange for valuable consideration
✔✔counteroffer - ✔✔a contract proposal submitted in response to a previous offer,
modifying the terms of the original offer; considered a rejection of the original offer
✔✔disability - ✔✔a physical or mental impairment that substantially limits one or more
major life activities, the record of such impairment, or being regarded as having such an
impairment
✔✔earnest money - ✔✔funds paid to confirm or commit to a contract
