RealEstateU- Texas Promulgated Contract Forms Questions and Answers 100% Pass

RealEstateU- Texas Promulgated Contract Forms Questions and Answers 100% Pass The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? Performance Which of the following is an example of consideration? Money, personal services, cash A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the? Statute of Frauds Which of the following is an example of a forbearance contract? Options contract A valid contract must be ______ and enforceable? Binding Which of the following real estate contracts does not have to be in writing? Leases under one year If one of the parties to a contract does not voluntarily agree to the contract, this element of valid contract is violated? Mutual agreement To have no force or effect is referred to as a .......... contract? Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Voidable In order to be considered a competent party, an individual must be of the age of the? Majority A contract in which one of the parties is a minor is considered a Voidable contract A contract in which there is fraud by either commission or omission is voidable by the? Non-fraudulent party A contract in which each party promises to do something is referred to as a Bilateral contract When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a? Unilateral contract An options contract is an example of a/an? Unilateral contract Which of the following is an example of a bilateral contract? Listing contract, sales contract, and independent contractor agreement What is an amendment? A change in a legal document made by adding, altering, or omitting a certain part or term What is an addendum? Additional pages of material that are added to and become part of a contract 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 What is novation? The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties An assignment can occur when a contract is? Executory Which of the following may be used as an alternative to novation? Amend the existing contract What is the Statue of Limitations? A law establishing the time period within which certain lawsuits may be brought What is Breach of Contract? A violation of any of the terms or c