Promulgated Forms - Champions Questions with
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Void Contract Ans: Invalid from the beginning and voidable contract is
one that can't be enforced against one or more parties (minors are voidable at
the option of the minor).
Quiz: Example of Void Contract Ans: A contract between two parties to
commit an illegal act is a void contract.
Quiz: Elements of a Valid Contract Ans: COLIC
Competent Parties
Offer and Acceptance (mutual consent)
Legal Purpose
In Writing (when required by law)
Consideration
Quiz: Earnest Money Ans: Not a requirement of a valid contract
Competent parties - understood contract then you are competent - not
competent - under the influence of drugs or alcohol
Quiz: Leases Ans: Leases for more than 1 year must be in writing
© 2025 Get it right Stuvia US All rights reserved
, Quiz: Consideration Ans: Earnest money is not one of the requirements of a
valid contract. Consideration is something given in exchange for a promise.
Quiz: Executory Contract Ans: Contract stage from the effective date
through the closing. Fully executed at closing when it is funded. Will be
executed in the future.
Quiz: Amendments/Addenda - Common Amendments Ans: Changes to the
original contract (changes to closing date, sales price, down payment, repairs)
Quiz: Addenda Ans: Additions to the contract - provisions in the addendum
prevails of the main body of the contract. 3rd party financing
Quiz: Performance of Contract Ans: Assignment - A contract transfers all of
the rights related to the contract. Contracts for personal services are not
assignable (buyer rep agreement/listing agreement)
Quiz: Novation Ans: Substituting a new contract for an existing one -
doctrine of laches
Quiz: Landlord Ans: A landlord could accept the tenant's partial
performance of the contract and terminate it.
Quiz: Broker Lawyer Committee Ans: Draft and revise standardized contract
forms for use by real estate license holders - 13 members
© 2025 Get it right Stuvia US All rights reserved
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Void Contract Ans: Invalid from the beginning and voidable contract is
one that can't be enforced against one or more parties (minors are voidable at
the option of the minor).
Quiz: Example of Void Contract Ans: A contract between two parties to
commit an illegal act is a void contract.
Quiz: Elements of a Valid Contract Ans: COLIC
Competent Parties
Offer and Acceptance (mutual consent)
Legal Purpose
In Writing (when required by law)
Consideration
Quiz: Earnest Money Ans: Not a requirement of a valid contract
Competent parties - understood contract then you are competent - not
competent - under the influence of drugs or alcohol
Quiz: Leases Ans: Leases for more than 1 year must be in writing
© 2025 Get it right Stuvia US All rights reserved
, Quiz: Consideration Ans: Earnest money is not one of the requirements of a
valid contract. Consideration is something given in exchange for a promise.
Quiz: Executory Contract Ans: Contract stage from the effective date
through the closing. Fully executed at closing when it is funded. Will be
executed in the future.
Quiz: Amendments/Addenda - Common Amendments Ans: Changes to the
original contract (changes to closing date, sales price, down payment, repairs)
Quiz: Addenda Ans: Additions to the contract - provisions in the addendum
prevails of the main body of the contract. 3rd party financing
Quiz: Performance of Contract Ans: Assignment - A contract transfers all of
the rights related to the contract. Contracts for personal services are not
assignable (buyer rep agreement/listing agreement)
Quiz: Novation Ans: Substituting a new contract for an existing one -
doctrine of laches
Quiz: Landlord Ans: A landlord could accept the tenant's partial
performance of the contract and terminate it.
Quiz: Broker Lawyer Committee Ans: Draft and revise standardized contract
forms for use by real estate license holders - 13 members
© 2025 Get it right Stuvia US All rights reserved
