ACEABLE AGENT - PROMULGATED CONTRACTS EXAM 2024 WITH 100% CORRECT ANSWERS

ACEABLE AGENT - PROMULGATED CONTRACTS EXAM 2024 WITH 100% CORRECT ANSWERS A contract that has no legal effect. - correct answer VOID When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresentation. - correct answer VOIDABLE A law that requires real estate contracts be in writing is the ______________________? - correct answer STATUTE OF FRAUDS Prevents a party to a written contract from presenting additional evidence that adds to the written terms of the contract. - correct answer PAROLE EVIDENCE RULE If 2 people have a legal contract for one party to sell illegal drugs to the other party, this contract would be _______________? - correct answer VOID Paragraph 5 in a sales contract? - correct answer EARNEST MONEY Paragraph 23 in a sales contract? - correct answer OPTION MONEY Legal loss of a right with the thought that "if you don't use it, you lose it." - correct answer DOCTRINE OF LACHES A written contract has been accepted, signed, and communicated to the other party. - correct answer EFFECTIVE DATE Prevents