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Quiz: Competent Parties
Offer and acceptance ( mutual consent)
Legal Purpose
In writing (when required by law)
Consideration Ans: Elements of a contract to be valid
Quiz: contract binding parties with one or more duties Ans: executory
contract
Quiz: both parties made promise Ans: bilateral
Quiz: one party made promise Ans: unilateral
Quiz: agreement between buyer and seller or tenant and landlord (right of
first refusal - tenant and landlord) Ans: option
Quiz: CHANGES to the contract Ans: amendment
Quiz: ADDITIONS to the contract Ans: addendum
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, Quiz: transfers rights Ans: assignment
Quiz: new contract substituted for an existing one Ans: novation
Quiz: 2 years oral
4 years verbal Ans: statue of limitations
Quiz: always to protect consumer (all of the above) Ans: law rules/
regulation
Quiz: 9 members
protect consumers
unlawful practice of law
license holder is not qualified to craft provisions Ans: TRELA
Quiz: 1. one to four
2. new home - incomplete
3. new home - complete
4. unimproved property
5. residential condominium contract
6. farm and ranch Ans: TREC 6 promulgated forms
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