RealEstateU- Texas
Promulgated Contract Forms
Exam Questions with 100%
Correct Answers | Verified |
Updated (Actual Exam) 2026
LATEST VERSION!!
The execution of a contract by which the contracting parties are
automatically discharged of their obligations under it is known as...? -
ANSWER ✔✔Performance
Which of the following is an example of consideration? - ANSWER
✔✔Money, personal services, cash
,A State law requiring certain contracts to be in writing and signed before
they will be enforceable at law is known as the? - ANSWER
✔✔Statute of Frauds
Which of the following is an example of a forbearance contract? -
ANSWER ✔✔Options contract
A valid contract must be ______ and enforceable? - ANSWER
✔✔Binding
Which of the following real estate contracts does not have to be in
writing? - ANSWER ✔✔Leases under one year
If one of the parties to a contract does not voluntarily agree to the
contract, this element of valid contract is violated? - ANSWER
✔✔Mutual agreement
To have no force or effect is referred to as a .......... contract? -
ANSWER ✔✔Void
That which is capable of being adjusted void, but is not unless action is
taken to make it so, is referred to as a/an ............ contract? -
ANSWER ✔✔Voidable
,In order to be considered a competent party, an individual must be of the
age of the? - ANSWER ✔✔Majority
A contract in which one of the parties is a minor is considered a -
ANSWER ✔✔Voidable contract
A contract in which there is fraud by either commission or omission is
voidable by the? - ANSWER ✔✔Non-fraudulent party
A contract in which each party promises to do something is referred to
as a - ANSWER ✔✔Bilateral contract
When one party promises to do something if the other party performs a
certain act, but the other party does not promise to perform it, it is
referred to as a? - ANSWER ✔✔Unilateral contract
An options contract is an example of a/an? - ANSWER ✔✔Unilateral
contract
Which of the following is an example of a bilateral contract? -
ANSWER ✔✔Listing contract, sales contract, and independent
contractor agreement
What is an amendment? - ANSWER ✔✔A change in a legal
document made by adding, altering, or omitting a certain part or term
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, What is an addendum? - ANSWER ✔✔Additional pages of material
that are added to and become part of a contract
What is an assingment? - ANSWER ✔✔A transfer of benefits and
obligations within a contract to a 3rd party who is not originally a party to
the contract
What is novation? - ANSWER ✔✔The substitution or exchange of a
new obligation or contract for an old one by the mutual agreement of the
parties
An assignment can occur when a contract is? - ANSWER
✔✔Executory
Which of the following may be used as an alternative to novation? -
ANSWER ✔✔Amend the existing contract
What is the Statue of Limitations? - ANSWER ✔✔A law establishing
the time period within which certain lawsuits may be brought
What is Breach of Contract? - ANSWER ✔✔A violation of any of the
terms or conditions of a contract without legal reason.
Which of the following is an example of a termination of a
contract...?Substantial performance - ANSWER ✔✔Substantial
performance, Partial performance,
Promulgated Contract Forms
Exam Questions with 100%
Correct Answers | Verified |
Updated (Actual Exam) 2026
LATEST VERSION!!
The execution of a contract by which the contracting parties are
automatically discharged of their obligations under it is known as...? -
ANSWER ✔✔Performance
Which of the following is an example of consideration? - ANSWER
✔✔Money, personal services, cash
,A State law requiring certain contracts to be in writing and signed before
they will be enforceable at law is known as the? - ANSWER
✔✔Statute of Frauds
Which of the following is an example of a forbearance contract? -
ANSWER ✔✔Options contract
A valid contract must be ______ and enforceable? - ANSWER
✔✔Binding
Which of the following real estate contracts does not have to be in
writing? - ANSWER ✔✔Leases under one year
If one of the parties to a contract does not voluntarily agree to the
contract, this element of valid contract is violated? - ANSWER
✔✔Mutual agreement
To have no force or effect is referred to as a .......... contract? -
ANSWER ✔✔Void
That which is capable of being adjusted void, but is not unless action is
taken to make it so, is referred to as a/an ............ contract? -
ANSWER ✔✔Voidable
,In order to be considered a competent party, an individual must be of the
age of the? - ANSWER ✔✔Majority
A contract in which one of the parties is a minor is considered a -
ANSWER ✔✔Voidable contract
A contract in which there is fraud by either commission or omission is
voidable by the? - ANSWER ✔✔Non-fraudulent party
A contract in which each party promises to do something is referred to
as a - ANSWER ✔✔Bilateral contract
When one party promises to do something if the other party performs a
certain act, but the other party does not promise to perform it, it is
referred to as a? - ANSWER ✔✔Unilateral contract
An options contract is an example of a/an? - ANSWER ✔✔Unilateral
contract
Which of the following is an example of a bilateral contract? -
ANSWER ✔✔Listing contract, sales contract, and independent
contractor agreement
What is an amendment? - ANSWER ✔✔A change in a legal
document made by adding, altering, or omitting a certain part or term
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, What is an addendum? - ANSWER ✔✔Additional pages of material
that are added to and become part of a contract
What is an assingment? - ANSWER ✔✔A transfer of benefits and
obligations within a contract to a 3rd party who is not originally a party to
the contract
What is novation? - ANSWER ✔✔The substitution or exchange of a
new obligation or contract for an old one by the mutual agreement of the
parties
An assignment can occur when a contract is? - ANSWER
✔✔Executory
Which of the following may be used as an alternative to novation? -
ANSWER ✔✔Amend the existing contract
What is the Statue of Limitations? - ANSWER ✔✔A law establishing
the time period within which certain lawsuits may be brought
What is Breach of Contract? - ANSWER ✔✔A violation of any of the
terms or conditions of a contract without legal reason.
Which of the following is an example of a termination of a
contract...?Substantial performance - ANSWER ✔✔Substantial
performance, Partial performance,
