RealEstateU- Texas Promulgated Contract Forms
Study online at https://quizlet.com/_jrucx9
1. The execution of a contract by which Performance
the contracting parties are automati-
cally discharged of their obligations un-
der it is known as...?
2. Which of the following is an example of Money, personal services, cash
consideration?
3. A State law requiring certain contracts Statute of Frauds
to be in writing and signed before they
will be enforceable at law is known as
the?
4. Which of the following is an example of Options contract
a forbearance contract?
5. A valid contract must be ______ and en- Binding
forceable?
6. Which of the following real estate con- Leases under one year
tracts does not have to be in writing?
7. If one of the parties to a contract does Mutual agreement
not voluntarily agree to the contract,
this element of valid contract is violat-
ed?
8. To have no force or effect is referred to Void
as a .......... contract?
9. That which is capable of being adjusted Voidable
void, but is not unless action is taken to
, RealEstateU- Texas Promulgated Contract Forms
Study online at https://quizlet.com/_jrucx9
make it so, is referred to as a/an ............
contract?
10. In order to be considered a competent Majority
party, an individual must be of the age
of the?
11. A contract in which one of the parties is Voidable contract
a minor is considered a
12. A contract in which there is fraud by Non-fraudulent party
either commission or omission is void-
able by the?
13. A contract in which each party promises Bilateral contract
to do something is referred to as a
14. When one party promises to do some- Unilateral contract
thing if the other party performs a cer-
tain act, but the other party does not
promise to perform it, it is referred to
as a?
15. An options contract is an example of Unilateral contract
a/an?
16. Which of the following is an example of Listing contract, sales contract, and independent
a bilateral contract? contractor agreement
17. What is an amendment? A change in a legal document made by adding,
altering, or omitting a certain part or term
18. What is an addendum? Additional pages of material that are added to
and become part of a contract
, RealEstateU- Texas Promulgated Contract Forms
Study online at https://quizlet.com/_jrucx9
19. What is an assingment? A transfer of benefits and obligations within a
contract to a 3rd party who is not originally a
party to the contract
20. What is novation? The substitution or exchange of a new obligation
or contract for an old one by the mutual agree-
ment of the parties
21. An assignment can occur when a con- Executory
tract is?
22. Which of the following may be used as Amend the existing contract
an alternative to novation?
23. What is the Statue of Limitations? A law establishing the time period within which
certain lawsuits may be brought
24. What is Breach of Contract? A violation of any of the terms or conditions of a
contract without legal reason.
25. Which of the following is an example of Substantial performance, Partial performance,
a termination of a contract...?Substan- Impossibility of performance
tial performance
26. The Texas Real Estate Commission was 1949
created in what year?
27. The Texas Real Estate Commission was Texas Real Estate License Act
created to administer which of the fol-
lowing?
28. Which of the following is responsible Texas Real Estate Commission
for issuing real estate licenses in Texas?
Study online at https://quizlet.com/_jrucx9
1. The execution of a contract by which Performance
the contracting parties are automati-
cally discharged of their obligations un-
der it is known as...?
2. Which of the following is an example of Money, personal services, cash
consideration?
3. A State law requiring certain contracts Statute of Frauds
to be in writing and signed before they
will be enforceable at law is known as
the?
4. Which of the following is an example of Options contract
a forbearance contract?
5. A valid contract must be ______ and en- Binding
forceable?
6. Which of the following real estate con- Leases under one year
tracts does not have to be in writing?
7. If one of the parties to a contract does Mutual agreement
not voluntarily agree to the contract,
this element of valid contract is violat-
ed?
8. To have no force or effect is referred to Void
as a .......... contract?
9. That which is capable of being adjusted Voidable
void, but is not unless action is taken to
, RealEstateU- Texas Promulgated Contract Forms
Study online at https://quizlet.com/_jrucx9
make it so, is referred to as a/an ............
contract?
10. In order to be considered a competent Majority
party, an individual must be of the age
of the?
11. A contract in which one of the parties is Voidable contract
a minor is considered a
12. A contract in which there is fraud by Non-fraudulent party
either commission or omission is void-
able by the?
13. A contract in which each party promises Bilateral contract
to do something is referred to as a
14. When one party promises to do some- Unilateral contract
thing if the other party performs a cer-
tain act, but the other party does not
promise to perform it, it is referred to
as a?
15. An options contract is an example of Unilateral contract
a/an?
16. Which of the following is an example of Listing contract, sales contract, and independent
a bilateral contract? contractor agreement
17. What is an amendment? A change in a legal document made by adding,
altering, or omitting a certain part or term
18. What is an addendum? Additional pages of material that are added to
and become part of a contract
, RealEstateU- Texas Promulgated Contract Forms
Study online at https://quizlet.com/_jrucx9
19. What is an assingment? A transfer of benefits and obligations within a
contract to a 3rd party who is not originally a
party to the contract
20. What is novation? The substitution or exchange of a new obligation
or contract for an old one by the mutual agree-
ment of the parties
21. An assignment can occur when a con- Executory
tract is?
22. Which of the following may be used as Amend the existing contract
an alternative to novation?
23. What is the Statue of Limitations? A law establishing the time period within which
certain lawsuits may be brought
24. What is Breach of Contract? A violation of any of the terms or conditions of a
contract without legal reason.
25. Which of the following is an example of Substantial performance, Partial performance,
a termination of a contract...?Substan- Impossibility of performance
tial performance
26. The Texas Real Estate Commission was 1949
created in what year?
27. The Texas Real Estate Commission was Texas Real Estate License Act
created to administer which of the fol-
lowing?
28. Which of the following is responsible Texas Real Estate Commission
for issuing real estate licenses in Texas?
