PSI EXAM PREP: CONTRACTS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/| latest update 2024/25|

PSI EXAM PREP: CONTRACTS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ what requires that certain types of contracts, such as for a property ownership transfer, be in writing to be legally enforceable and to prevent injury from fraudulent conduct. - -The statute of frauds Is an oral contract enforceable in court? - -no Offer and acceptance Consideration Legally competent parties Legal purpose Made voluntarily are all what - -needed for a valid contract what occurs when the parties enter into an agreement voluntarily with full understanding of contract terms. - -Offer and acceptance what is the term for something of legal value offered by one party and accepted by another, e.g., the buyer's promise to pay the full purchase price, and the seller's promise to transfer marketable title through delivery of a deed. - -Consideration those who have the legal and mental capacity to enter into a contract are known as - -Legally competent parties what means that the contract results in a legal outcome - -Legal purpose what kind of contract means the parties entered into the agreement voluntarily. (Mistakes, misrepresentation, fraud, duress, or undue influence create a situation in which the consent is not real.) - -voluntary contracts may be ? but unenforceable - -valid What is severability - -the court can deem a term in the contract unenforceable and enforce the remainder of the contract what kind of contract appears valid, but one or both parties have a legal right to disaffirm it. - - voidable How and when parties to a contract send notice regarding contract terms is - -critical for avoiding breach of contract situations describes how contract-related notice may be made and when notice is considered to have been received. - -notices clause a purchase or listing contract may permit contract parties to select whether notices may be delivered electronically. this is an example of - -notice clause what suit seeks to force a party to make good on the promises made in some way. - -specific performance occurs when one party fails to meet contract obligations. The innocent party may take any one of several actions as a remedy to the breached contract. - -Breach of