Promulgated Contract Forms (Champions)
Questions with Detailed Verified Answers 100%
Correct Answers Already Graded A+
Quiz: mutual consent Ans: a "meeting of the minds"
Quiz: unilateral contract Ans: a contract in which only one party is obligated
to perform
Quiz: unenforceable contract Ans: a contract that cannot be enforced due
to some flaw or other issue in the contract
Quiz: elements of a valid and enforceable contract Ans: COLIC (competent
parties, offer and acceptance, legal purpose, in writing, consideration)
Quiz: amendment Ans: changes to the contract; common ones include
changes to the closing date, changes to the sales price, down payment or
amount finances, repairs the the seller agrees to perform, removal or waiver of
contingencies
Quiz: addenda Ans: an attachment that adds or further describes the rights
and duties of the parties
© 2025 Get it right Stuvia US All rights reserved
, Quiz: assignment Ans: transfers all of the rights related to the contract to
another party known as assignee
Quiz: novation Ans: when a new contract is substituted fro an existing one
Quiz: statute of limitations Ans: limits the time you may file suit. In Texas,
it's two years for oral agreement and four years for a written agreement
Quiz: reasons for termination Ans: mutual agreement; partial performance;
substantial performance; impossibility; operation of law; breach of contract
Quiz: bilateral contract Ans: a contract of sale between a buyer and seller
Quiz: executory contract Ans: a contract that is binding on the parties, with
one or more of the parties having contractual duties that have not yet been
performed
Quiz: promulgated forms Ans: contract forms published by TREC
Quiz: counteroffer Ans: a rejection of the original offer coupled with a new
offer
Quiz: offeror Ans: the party making the offer
© 2025 Get it right Stuvia US All rights reserved
Questions with Detailed Verified Answers 100%
Correct Answers Already Graded A+
Quiz: mutual consent Ans: a "meeting of the minds"
Quiz: unilateral contract Ans: a contract in which only one party is obligated
to perform
Quiz: unenforceable contract Ans: a contract that cannot be enforced due
to some flaw or other issue in the contract
Quiz: elements of a valid and enforceable contract Ans: COLIC (competent
parties, offer and acceptance, legal purpose, in writing, consideration)
Quiz: amendment Ans: changes to the contract; common ones include
changes to the closing date, changes to the sales price, down payment or
amount finances, repairs the the seller agrees to perform, removal or waiver of
contingencies
Quiz: addenda Ans: an attachment that adds or further describes the rights
and duties of the parties
© 2025 Get it right Stuvia US All rights reserved
, Quiz: assignment Ans: transfers all of the rights related to the contract to
another party known as assignee
Quiz: novation Ans: when a new contract is substituted fro an existing one
Quiz: statute of limitations Ans: limits the time you may file suit. In Texas,
it's two years for oral agreement and four years for a written agreement
Quiz: reasons for termination Ans: mutual agreement; partial performance;
substantial performance; impossibility; operation of law; breach of contract
Quiz: bilateral contract Ans: a contract of sale between a buyer and seller
Quiz: executory contract Ans: a contract that is binding on the parties, with
one or more of the parties having contractual duties that have not yet been
performed
Quiz: promulgated forms Ans: contract forms published by TREC
Quiz: counteroffer Ans: a rejection of the original offer coupled with a new
offer
Quiz: offeror Ans: the party making the offer
© 2025 Get it right Stuvia US All rights reserved
