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
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