**Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
1. In a residential lease with a "right of first refusal" The tenant has the right
provision: to match or better any of-
fer the landlord receives to
prevent the property from
being sold to someone else
2. The four ECONOMIC characteristics of land are: 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
3. The Buyer and Seller Temporary Residential Lease 90 days
forms may be used for a lease period not to exceed:
4. A contract that is said to lack mutuality because only Unilateral Contract
one party is obligated to perform is a________ contract.
5. At closing, the contract is: fully executed
6. According to the Deceptive Trade Practices Act (DTPA), Services
brokerage falls under the category of ________.
7. The five essential elements of a valid and enforceable COLIC
contract are: 1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
8. ________ law is a body of law based on "common sense" Common Law
and local custom.
, **Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
9. Which kind of rights extend above the surface of prop- Air rights
erty without limitation?
10. A(n) ________ occurs when a new contract is substitut- Novation
ed for an existing one.
11. A(n) ________ is a business venture that is owned by Sole proprietorship
one individual.
12. A(n) __________ is an agreement between two or more Contract
parties to do something or to refrain from doing
something.
13. 3 physical characteristics of land 1. non-homogeneity
2. immobility
3. indestructibility
14. Jake (Seller) and Sarah (Buyer) entered into a contract Sarah has the right to ter-
for the sale of Jake's personal residence. In the con- minate the contract and re-
tract, Jake promised to deliver a seller's disclosure of ceive a refund of earnest
property condition within 5 days of the effective date money prior to closing
of the contract. Jake never delivered the disclosure as (Page 24)
promised. Which of the following statements is true?
15. Owners within a __________________ do not actually own Cooperative
a specific unit. The entire cooperative complex is
owned by a corporation. Those who wish to live in the
cooperative buy shares in the corporation, and
receive a proprietary lease on the unit. When listing
and selling cooperatives, a real estate license is often
not required because the sale of a cooperative is the
sale of stock rather than real property.
Study online at https://quizlet.com/_5mt0bp
1. In a residential lease with a "right of first refusal" The tenant has the right
provision: to match or better any of-
fer the landlord receives to
prevent the property from
being sold to someone else
2. The four ECONOMIC characteristics of land are: 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
3. The Buyer and Seller Temporary Residential Lease 90 days
forms may be used for a lease period not to exceed:
4. A contract that is said to lack mutuality because only Unilateral Contract
one party is obligated to perform is a________ contract.
5. At closing, the contract is: fully executed
6. According to the Deceptive Trade Practices Act (DTPA), Services
brokerage falls under the category of ________.
7. The five essential elements of a valid and enforceable COLIC
contract are: 1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
8. ________ law is a body of law based on "common sense" Common Law
and local custom.
, **Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
9. Which kind of rights extend above the surface of prop- Air rights
erty without limitation?
10. A(n) ________ occurs when a new contract is substitut- Novation
ed for an existing one.
11. A(n) ________ is a business venture that is owned by Sole proprietorship
one individual.
12. A(n) __________ is an agreement between two or more Contract
parties to do something or to refrain from doing
something.
13. 3 physical characteristics of land 1. non-homogeneity
2. immobility
3. indestructibility
14. Jake (Seller) and Sarah (Buyer) entered into a contract Sarah has the right to ter-
for the sale of Jake's personal residence. In the con- minate the contract and re-
tract, Jake promised to deliver a seller's disclosure of ceive a refund of earnest
property condition within 5 days of the effective date money prior to closing
of the contract. Jake never delivered the disclosure as (Page 24)
promised. Which of the following statements is true?
15. Owners within a __________________ do not actually own Cooperative
a specific unit. The entire cooperative complex is
owned by a corporation. Those who wish to live in the
cooperative buy shares in the corporation, and
receive a proprietary lease on the unit. When listing
and selling cooperatives, a real estate license is often
not required because the sale of a cooperative is the
sale of stock rather than real property.
