Promulgated Contract Forms (Champions) Exam

mutual consent - Answer- a "meeting of the minds" unilateral contract - Answer- a contract in which only one party is obligated to perform unenforceable contract - Answer- a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - Answer- COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment - Answer- changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda - Answer- an attachment that adds or further describes the rights and duties of the parties assignment - Answer- transfers all of the rights related to the contract to another party known as assignee novation - Answer- when a new contract is substituted fro an existing one statute of limitations - Answer- limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination - Answer- mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract bilateral contract - Answer- a contract of sale between a buyer and seller executory contract - Answer- a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed promulgated forms - Answer- contract forms published by TREC counteroffer - Answer- a rejection of the original offer coupled with a new offer offeror - Answer- the party making the offer Buyer's or Seller's Temporary Residential Lease - Answer- for no more than 90 days offer must be presented... - Answer- phone, fax, email, letter, hand delivery options when responding to an offer - Answer- do nothing; reject; accept; counteroffer acceptance - Answer- means that the accepting party does so with no change to the contract whatsoever net sheet - Answer- an estimate of the net proceeds to the seller and should be prepared based upon the offer being considered Broker-Lawyer committee - Answer- 13 members; write residential contract forms that are generally mandatory for license holders TREC - Answer- comprised of 9 members communication - Answer- also referred to as notification imputed notice - Answer- under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent Paragraph 2.(A) - Answer- Sales Price is the sum of 3.A and 3.B Paragraph 2.(B) - Answer- includes the improvements, including the house, garage and other permanently installed and built-in items Paragraph 2.(C) - Answer- describes accessories which are commonly conveyed Paragraph 2.(D) - Answer- exclusions to the sale. If item is to be excluded, give name and location Paragraph 3.(A) - Answer- down payment is always the differe