WRA COMPREHENSIVE STUDY GUIDE
TESTED QUESTIONS AND VERIFIED
ANSWERS
●● Consideration:
Answer: A bargained for thing from a promisor to a promisee that is
necessary for a valid contract.
●● Bilateral Contract:
Answer: A contract that binds two parties.
●● Valid Contract:
Answer: A contract that contains all of the necessary elements and is
enforceable in a court of law.
●● Meeting of the Minds:
Answer: Mutual assent or agreement between the parties to a contract
regarding the substance of the contract.
●● Capacity:
Answer: A party's ability to contract.
,●● Parole Evidence Rule:
Answer: Prevents the admission into court evidence of any oral
negotiations or agreements that vary or contradict the terms of the
written contract.
●● Breach:
Answer: A failure to perform as promised in a contract.
●● Voidable Contract
Answer: A contract that can be voided by an injured party.
●● Contract:
Answer: A legally enforceable promise or set of promises that must be
performed, and for which, if a breach occurs, the law provides a remedy.
●● Contingency:
Answer: A provision in a contract that requires the completion of a
certain act or the happening of a particular event before that contract is
binding.
●● Unenforceable Contract:
Answer: A contract whereby neither party can sue the other for
performance.
, ●● Unilateral Contract:
Answer: A one-sided agreement where one party makes a promise to
another and is bound by the promise.
●● Legal Purpose:
Answer: Must be the basis for the contract.
●● Valuable Consideration:
Answer: Anything exchanged by contracting parties that has monetary
value.
●● Void Contract:
Answer: An unenforceable contract that lacks legal purpose or essential
requirements.
●● Good Consideration:
Answer: Anything exchanged by contracting parties that does not have
monetary value.
●● A buyer breaches a contract. One of the seller's remedies is to keep
the earnest money and then sue the buyer for damages.
Answer: False
TESTED QUESTIONS AND VERIFIED
ANSWERS
●● Consideration:
Answer: A bargained for thing from a promisor to a promisee that is
necessary for a valid contract.
●● Bilateral Contract:
Answer: A contract that binds two parties.
●● Valid Contract:
Answer: A contract that contains all of the necessary elements and is
enforceable in a court of law.
●● Meeting of the Minds:
Answer: Mutual assent or agreement between the parties to a contract
regarding the substance of the contract.
●● Capacity:
Answer: A party's ability to contract.
,●● Parole Evidence Rule:
Answer: Prevents the admission into court evidence of any oral
negotiations or agreements that vary or contradict the terms of the
written contract.
●● Breach:
Answer: A failure to perform as promised in a contract.
●● Voidable Contract
Answer: A contract that can be voided by an injured party.
●● Contract:
Answer: A legally enforceable promise or set of promises that must be
performed, and for which, if a breach occurs, the law provides a remedy.
●● Contingency:
Answer: A provision in a contract that requires the completion of a
certain act or the happening of a particular event before that contract is
binding.
●● Unenforceable Contract:
Answer: A contract whereby neither party can sue the other for
performance.
, ●● Unilateral Contract:
Answer: A one-sided agreement where one party makes a promise to
another and is bound by the promise.
●● Legal Purpose:
Answer: Must be the basis for the contract.
●● Valuable Consideration:
Answer: Anything exchanged by contracting parties that has monetary
value.
●● Void Contract:
Answer: An unenforceable contract that lacks legal purpose or essential
requirements.
●● Good Consideration:
Answer: Anything exchanged by contracting parties that does not have
monetary value.
●● A buyer breaches a contract. One of the seller's remedies is to keep
the earnest money and then sue the buyer for damages.
Answer: False
