Promulgated Forms - Champions Questions with
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Mutual Consent Ans: "meeting of the minds"
Quiz: unilateral contract Ans: A contract in which only one party is
obligated to perform
Quiz: consideration Ans: Something given in exchange for a promise
Quiz: option Ans: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a preset price for a given period of
time
Quiz: unenforceable contract Ans: A contract that cannot be enforced due
to some flaw or other issue in the contract
Quiz: valid contract Ans: one that meets all requirements of law
Quiz: void contract Ans: is invalid from the beginning and does not affect
the parties. A contract to perform an illegal act is a void contract.
© 2025 Get it right Stuvia US All rights reserved
,Quiz: voidable contract Ans: is one that cannot be enforced against one or
more of the parties. Most contracts entered into with minors are voidable at
the option of the minor.
Quiz: Unenforceable Contract Ans: is one that cannot be enforced due to
some flaw in the contract, passage of time, or other issues that make
enforcement impossible
Quiz: elements of a valid/enforceable contract Ans: COLIC
Competent parties, Offer and acceptance (mutual parties), Legal purposes, In
writing, Consideration
Quiz: Competent parties Ans: The general rule of law is that all parties to a
contract have read it and understand it
People w/o mental capacity to understand can have a voidable contract, same
with minors
Quiz: mutual consent Ans: is often referred to as a "meeting of the minds."
For a contract to exist, there must have been a meeting of the minds (offer and
acceptance) between the parties.
Quiz: legal purpose Ans: A contract for an illegal purpose is void, and the
law treats the contract as if it were never created. An example of a void
contract would be one to have somebody killed or to deliver illegal drugs. All
contracts must have a legal purpose in order to be valid
© 2025 Get it right Stuvia US All rights reserved
, Quiz: in writing Ans: in order to obey Statute of Frauds, leases for more
than 1 yr and real estate must be in writing
Quiz: consideration Ans: is defined as something given in exchange for a
promise. There is no requirement that the consideration be in the form of
money. Consideration in a contract could be nothing more than a promise
made by one party in exchange for a promise made by the other.
Quiz: executory contract (contract ready to be executed) Ans: A contract
that has not yet been fully performed.
The effective date is the date that acceptance was communicated to the
offering party (i.e. seller accepted offer on Jan 3rd, buyer was told on jan 4th of
acceptance, effective date is 4th)
Quiz: the contract has been fully executed when.. Ans: the sale is closed
Quiz: bilateral contract Ans: A contract of sale between a buyer and seller is
a bilateral contract because both parties have made promises; therefore, both
parties have duties to perform.
a promise for a promise
Quiz: unilateral contract Ans: one person promises, one person acts.
i.e. a seller promises to hold a property when the buyer gives an option. buyer
can still choose not to buy, but the seller must sell to buyer if they choose to
do it. seller is making the promise
© 2025 Get it right Stuvia US All rights reserved
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Mutual Consent Ans: "meeting of the minds"
Quiz: unilateral contract Ans: A contract in which only one party is
obligated to perform
Quiz: consideration Ans: Something given in exchange for a promise
Quiz: option Ans: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a preset price for a given period of
time
Quiz: unenforceable contract Ans: A contract that cannot be enforced due
to some flaw or other issue in the contract
Quiz: valid contract Ans: one that meets all requirements of law
Quiz: void contract Ans: is invalid from the beginning and does not affect
the parties. A contract to perform an illegal act is a void contract.
© 2025 Get it right Stuvia US All rights reserved
,Quiz: voidable contract Ans: is one that cannot be enforced against one or
more of the parties. Most contracts entered into with minors are voidable at
the option of the minor.
Quiz: Unenforceable Contract Ans: is one that cannot be enforced due to
some flaw in the contract, passage of time, or other issues that make
enforcement impossible
Quiz: elements of a valid/enforceable contract Ans: COLIC
Competent parties, Offer and acceptance (mutual parties), Legal purposes, In
writing, Consideration
Quiz: Competent parties Ans: The general rule of law is that all parties to a
contract have read it and understand it
People w/o mental capacity to understand can have a voidable contract, same
with minors
Quiz: mutual consent Ans: is often referred to as a "meeting of the minds."
For a contract to exist, there must have been a meeting of the minds (offer and
acceptance) between the parties.
Quiz: legal purpose Ans: A contract for an illegal purpose is void, and the
law treats the contract as if it were never created. An example of a void
contract would be one to have somebody killed or to deliver illegal drugs. All
contracts must have a legal purpose in order to be valid
© 2025 Get it right Stuvia US All rights reserved
, Quiz: in writing Ans: in order to obey Statute of Frauds, leases for more
than 1 yr and real estate must be in writing
Quiz: consideration Ans: is defined as something given in exchange for a
promise. There is no requirement that the consideration be in the form of
money. Consideration in a contract could be nothing more than a promise
made by one party in exchange for a promise made by the other.
Quiz: executory contract (contract ready to be executed) Ans: A contract
that has not yet been fully performed.
The effective date is the date that acceptance was communicated to the
offering party (i.e. seller accepted offer on Jan 3rd, buyer was told on jan 4th of
acceptance, effective date is 4th)
Quiz: the contract has been fully executed when.. Ans: the sale is closed
Quiz: bilateral contract Ans: A contract of sale between a buyer and seller is
a bilateral contract because both parties have made promises; therefore, both
parties have duties to perform.
a promise for a promise
Quiz: unilateral contract Ans: one person promises, one person acts.
i.e. a seller promises to hold a property when the buyer gives an option. buyer
can still choose not to buy, but the seller must sell to buyer if they choose to
do it. seller is making the promise
© 2025 Get it right Stuvia US All rights reserved
