Bob Brooks Contracts - Review Exam With Complete Solution

Bob Brooks Contracts - Review Exam With Complete
Solution 2024-2025


Under a real estate contract, the failure to meet an obligation is called:



a. Rejection

b. Damages

c. Default

d. Reversion - Answer c. Default



The party who receives an offer to purchase is the:



a. Offeree

b. Offeror

c. Buyer

d. Agent - Answer a. Offeree



When the parties to a contract are thinking of the same thing and there has been an
offer and acceptance:



a. The contract must be in writing to be valid.

b. The minds have met.

c. The contract is executed.

d. There exists consideration to be received by each party. - Answer b. The minds have
met.

, A contract having no legal effect or force is:



a. Unenforceable

b. Voidable

c. Valid

d. Void - Answer b. Voidable



A contract of the parties wherein an exchange of promise is implied is a(an):



a. Unilateral contract

b. Binary contract

c. Bilateral contract

d. Novatory agreement - Answer c. Bilateral contract



When one party or the other to a contract has the option of declaring it void but has not
taken action to do so; the contract is:



a. Unenforceable

b. Voidable

c. Unimpaired

d. Novations - Answer b. Voidable



A contract which is created by the parties stating their intentions in words is a(an):



a. Executory Contract

b. Implied Contract

c. Expressed Contract