Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
1. An agreement between a buyer and seller giving the D
buyer the right to purchase a property at a preset
price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
2. A "meeting of the minds" A
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
3. A contract that cannot be enforced due to some flaw E
or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
4. Something given in exchange for a promise. C
a. Mutual consent
b. Unilateral contract
c. Consideration
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
d. Option
e. Unenforceable contract
5. A contract in which only one party is obligated to B
perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
6. The five essential elements that must exist for a real B
estate sales contract to be considered valid and en-
forceable are: legal purpose, competent parties, mu-
tual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office
7. If a contract has been entered into with a person who D
has been judged to be incompetent, that contract is
considered _________________ because that person nev-
er had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void
8. C
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
________________ is defined as something given in ex-
change for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties
9. A buyer who has the right to purchase a property at A
a preset price and terms for a period of time has a(n)
______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed
10. A(n) _______________ contract is defined as a contract A
that is binding on the parties, with one or more of
the parties having contractual duties that have not yet
been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void
11. In Texas, the statute of limitations is ____________ for an B
oral agreement.
a. Four years
b. Two years
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
c. Eight years
d. Six years
12. A rejection of the original offer coupled with a new B
offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
13. License holder adding complex provisions to a con- C
tract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
14. Contract forms published by TREC. A
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
15. The party making an offer. E
a. Promulgated forms
b. Counteroffer
Study online at https://quizlet.com/_3coqoc
1. An agreement between a buyer and seller giving the D
buyer the right to purchase a property at a preset
price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
2. A "meeting of the minds" A
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
3. A contract that cannot be enforced due to some flaw E
or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
4. Something given in exchange for a promise. C
a. Mutual consent
b. Unilateral contract
c. Consideration
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
d. Option
e. Unenforceable contract
5. A contract in which only one party is obligated to B
perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract
6. The five essential elements that must exist for a real B
estate sales contract to be considered valid and en-
forceable are: legal purpose, competent parties, mu-
tual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office
7. If a contract has been entered into with a person who D
has been judged to be incompetent, that contract is
considered _________________ because that person nev-
er had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void
8. C
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
________________ is defined as something given in ex-
change for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties
9. A buyer who has the right to purchase a property at A
a preset price and terms for a period of time has a(n)
______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed
10. A(n) _______________ contract is defined as a contract A
that is binding on the parties, with one or more of
the parties having contractual duties that have not yet
been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void
11. In Texas, the statute of limitations is ____________ for an B
oral agreement.
a. Four years
b. Two years
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_3coqoc
c. Eight years
d. Six years
12. A rejection of the original offer coupled with a new B
offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
13. License holder adding complex provisions to a con- C
tract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
14. Contract forms published by TREC. A
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror
15. The party making an offer. E
a. Promulgated forms
b. Counteroffer
