Real Estate U Texas Promulgated Contract Forms Rated A+

To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed - Answer-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? Unenforceable Voidable Executed Expired - Answer-Voidable In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above - Answer-Majority A contract in which one of the parties is a minor is considered a...? Void contract Executed contract Voidable contract Waived contract - Answer-Voidable contract A contract in which there is fraud by either commission or omission is voidable by the...? Either the non-fraudulent or fraudulent party Fraudulent party The contract is not voidable Non-fraudulent party - Answer-Non-fraudulent party A contract that is missing one or more of the elements of a valid contract is considered...? Enforceable Executed Expired Void - Answer-Void A contract in which each party promises to do something is referred to as a...? Unilateral contract Bilateral contract