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PVL3702_LAW_OF_CONTRACT_STUDY_GUIDE_2026_BREACH_REMEDIES_AND_CONTRACT

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PVL3702_LAW_OF_CONTRACT_STUDY_GUIDE_2026_BREACH_REMEDIES_AND_CONTRACT

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PVL3702 LAW OF CONTRACT STUDY
GUIDE 2026 BREACH REMEDIES AND
CONTRACT ENFORCEMENT QUESTIONS
AND ANSWERS

◉ Statute of limitations
Answer: For a breach is 4 years


◉ Statute of frauds requieres
Answer: Contract to be in writing to be enforceable


◉ Legal rights in a contract are shared equally between
Answer: A buyer and seller


◉ During option period a buyer terminated the
Answer: Contract for "any reason"


◉ Suit for specific performance asks for
Answer: Conveyance of the property


◉ Earnest money should be deposited with

, Answer: Escrow agent within two business days


◉ Seller is the lender
Answer: In a contract for deed


◉ Contract for deed the
Answer: Buyer does not receive legal title


◉ When a property is destroyed by fire the seller will
Answer: Bear the loss


◉ A contract to perform an unlawful act is
Answer: Considered a void contract


◉ Default is failing to
Answer: Perform in a contract


◉ Receiving liquidated damages releases both
Answer: Parties from a contract


◉ Deceptive trade practices act violation may result in
Answer: Treble damages awarded to an injured party

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