Aceable Level 7- Level 7 Contract Law Principles | Questions & Answers (100 %Score)
Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert
Solutions
Why does the seller bankruptcy typically result in the discharge of a purchase contract? - Because the
seller typically looses control of the property while the courts decide what will be done with it
When Geni told Matt, her broker, that she wanted to take her house off the market even though there
were four months to go in their listing agreement, Matt kindly agreed to let her out of the contract in
exchange for reimbursement of his expenses. This is an example of: - Accord + Satisfaction
The term "cooling-off period" refers to: - a window of time within which a party has the right to rescind
specific types of contracts for any reason
The phrase "meeting of the minds" is associated with what essential element of valid contracts? - offer
and acceptance
A legitimate complaint for a performance failure related to a valid contract will not be considered if: -
The statue of limitations has expired
An oral contract to buy a piece of real estate is unenforceable because it does not comply with the
statue of: - frauds
Which of the following scenarios would not be subject to the statue of frauds? - a six-month lease for a
beachfront condo
An important distinction between void + voidable contract is: - voidable contracts require a party to
disaffirm the agreement to rend it unenforceable, whereas void contracts are unenforceable from the
start
What do you call the response to an offer that agrees to the offer if some modifications can be made? -
counteroffer to the offer
Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert
Solutions
Why does the seller bankruptcy typically result in the discharge of a purchase contract? - Because the
seller typically looses control of the property while the courts decide what will be done with it
When Geni told Matt, her broker, that she wanted to take her house off the market even though there
were four months to go in their listing agreement, Matt kindly agreed to let her out of the contract in
exchange for reimbursement of his expenses. This is an example of: - Accord + Satisfaction
The term "cooling-off period" refers to: - a window of time within which a party has the right to rescind
specific types of contracts for any reason
The phrase "meeting of the minds" is associated with what essential element of valid contracts? - offer
and acceptance
A legitimate complaint for a performance failure related to a valid contract will not be considered if: -
The statue of limitations has expired
An oral contract to buy a piece of real estate is unenforceable because it does not comply with the
statue of: - frauds
Which of the following scenarios would not be subject to the statue of frauds? - a six-month lease for a
beachfront condo
An important distinction between void + voidable contract is: - voidable contracts require a party to
disaffirm the agreement to rend it unenforceable, whereas void contracts are unenforceable from the
start
What do you call the response to an offer that agrees to the offer if some modifications can be made? -
counteroffer to the offer
