Promulgated Contract Forms Exam Study Pool with Questions and Answers

Promulgated Contract Forms Exam Study Pool with Questions and Answers A contract is described as: A. Mutually binding B. Legally enforceable C. An agreement between two or more parties to do or not do something. D. All of the above ANSWER D. All of the above (A contract is an agreement between two or more parties to do or not do something. It is mutually binding and legally enforceable.) In a real estate transaction, the legal description is NOT: A. Lot and block B. Metes and bounds C. A street address D. A description of the property from a surveyor's field notes ANSWER C. A street address (The legal descriptions in Texas are: Lot and block, and metes and bounds (sometimes also called surveyor's field notes). A street address is NOT a legal description.) Earnest money: A. Constitutes the consideration B. Is used to make the offer more enticing to the seller C. Is required in the contract