Champions law of Contracts Exam Questions With Accurate
Solutions.
Common Law - accurate answers-Based upon "Common Sense" and local
custom
modification - accurate answers-refers to the fact that value is affected by
man-made changes to the land
Bill of Sale - accurate answers-A document used to transfer ownership of
personal property.
Buyer's Temporary Residential Lease - accurate answers-for use when the
buyer occupies the property for
no more than 90 days prior to closing.
Seller's Temporary Residential Lease - accurate answers-For use when the
seller occupies the property for no more than 90 days after closing.
right of first refusal - accurate answers-the right to match or better an offer
before the property is sold to someone else
Promulgated - accurate answers-To make known by open declaration, publish
According to DTPA, Brokerage is a - accurate answers-Service
Estate in severalty - accurate answers-One person owns the property, and all
other interests are severed. Only one signature of required on a deed
conveying full ownership
Sole Proprietorship - accurate answers-A business owned by one person
cooperative - accurate answers-a business organization owned and operated
by a group of individuals for their mutual benefit. Does not own a specific unit.
Familial Status - accurate answers-Advertising under the Fair Housing Act, a
protected class composed of families who have children under 18, pregnant
women, and people in the process of obtaining legal custody of a child, is
prohibited.
, contract - accurate answers-An agreement between two or more parties to do
something or to refrain from doing something
Option is considered - accurate answers-To be a unilateral contract
5 essential elements of a contract - accurate answers-1. Both parties are
legally competent
2. Offer & acceptance (mutual agreement)
3. Legal Purpose
4. In writing (when required by law)
5. Consideration
Consideration - accurate answers-Something given in exchange for a promise.
Could be money, promises, services, or love and affection
A person who enters a contract while under the influence of drugs or alcohol
could be considered - accurate answers-mentally impaired
In order to comply with Statute of Frauds - accurate answers-Contracts for the
conveyance of an interest in real estate or lease for a term of more than one
year must be in writing
Fully Executed Contract - accurate answers-When all the conditions have been
met, and carried out. It is considered performed or discharged
police power - accurate answers-The right of the government to regulate and
control the way land is used
buffer zone - accurate answers-area of land separating one land use for
another, such as residential from commercial
Easement by necessity - accurate answers-An easement allowed by law as
necessary for the full enjoyment of a parcel of real estate; for example, a right
of ingress and egress over a grantor's land.
Easement by Condemnation - accurate answers-The government, under its
power of eminent domain, takes an easement.
Solutions.
Common Law - accurate answers-Based upon "Common Sense" and local
custom
modification - accurate answers-refers to the fact that value is affected by
man-made changes to the land
Bill of Sale - accurate answers-A document used to transfer ownership of
personal property.
Buyer's Temporary Residential Lease - accurate answers-for use when the
buyer occupies the property for
no more than 90 days prior to closing.
Seller's Temporary Residential Lease - accurate answers-For use when the
seller occupies the property for no more than 90 days after closing.
right of first refusal - accurate answers-the right to match or better an offer
before the property is sold to someone else
Promulgated - accurate answers-To make known by open declaration, publish
According to DTPA, Brokerage is a - accurate answers-Service
Estate in severalty - accurate answers-One person owns the property, and all
other interests are severed. Only one signature of required on a deed
conveying full ownership
Sole Proprietorship - accurate answers-A business owned by one person
cooperative - accurate answers-a business organization owned and operated
by a group of individuals for their mutual benefit. Does not own a specific unit.
Familial Status - accurate answers-Advertising under the Fair Housing Act, a
protected class composed of families who have children under 18, pregnant
women, and people in the process of obtaining legal custody of a child, is
prohibited.
, contract - accurate answers-An agreement between two or more parties to do
something or to refrain from doing something
Option is considered - accurate answers-To be a unilateral contract
5 essential elements of a contract - accurate answers-1. Both parties are
legally competent
2. Offer & acceptance (mutual agreement)
3. Legal Purpose
4. In writing (when required by law)
5. Consideration
Consideration - accurate answers-Something given in exchange for a promise.
Could be money, promises, services, or love and affection
A person who enters a contract while under the influence of drugs or alcohol
could be considered - accurate answers-mentally impaired
In order to comply with Statute of Frauds - accurate answers-Contracts for the
conveyance of an interest in real estate or lease for a term of more than one
year must be in writing
Fully Executed Contract - accurate answers-When all the conditions have been
met, and carried out. It is considered performed or discharged
police power - accurate answers-The right of the government to regulate and
control the way land is used
buffer zone - accurate answers-area of land separating one land use for
another, such as residential from commercial
Easement by necessity - accurate answers-An easement allowed by law as
necessary for the full enjoyment of a parcel of real estate; for example, a right
of ingress and egress over a grantor's land.
Easement by Condemnation - accurate answers-The government, under its
power of eminent domain, takes an easement.
