Champions law of Contracts UPDATED
Questions and CORRECT Answers
Common Law - CORRECT ANSWER -Based upon "Common Sense" and local custom
modification - CORRECT ANSWER -refers to the fact that value is affected by man-made
changes to the land
Bill of Sale - CORRECT ANSWER -A document used to transfer ownership of personal
property.
Buyer's Temporary Residential Lease - CORRECT ANSWER -for use when the buyer
occupies the property for
no more than 90 days prior to closing.
Seller's Temporary Residential Lease - CORRECT ANSWER -For use when the seller
occupies the property for no more than 90 days after closing.
right of first refusal - CORRECT ANSWER -the right to match or better an offer before
the property is sold to someone else
Promulgated - CORRECT ANSWER -To make known by open declaration, publish
According to DTPA, Brokerage is a - CORRECT ANSWER -Service
Estate in severalty - CORRECT ANSWER -One person owns the property, and all other
interests are severed. Only one signature of required on a deed conveying full ownership
Sole Proprietorship - CORRECT ANSWER -A business owned by one person
, cooperative - CORRECT ANSWER -a business organization owned and operated by a
group of individuals for their mutual benefit. Does not own a specific unit.
Familial Status - CORRECT ANSWER -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 - CORRECT ANSWER -An agreement between two or more parties to do
something or to refrain from doing something
Option is considered - CORRECT ANSWER -To be a unilateral contract
5 essential elements of a contract - CORRECT ANSWER -1. Both parties are legally
competent
2. Offer & acceptance (mutual agreement)
3. Legal Purpose
4. In writing (when required by law)
5. Consideration
Consideration - CORRECT ANSWER -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
- CORRECT ANSWER -mentally impaired
In order to comply with Statute of Frauds - CORRECT ANSWER -Contracts for the
conveyance of an interest in real estate or lease for a term of more than one year must be in
writing
Questions and CORRECT Answers
Common Law - CORRECT ANSWER -Based upon "Common Sense" and local custom
modification - CORRECT ANSWER -refers to the fact that value is affected by man-made
changes to the land
Bill of Sale - CORRECT ANSWER -A document used to transfer ownership of personal
property.
Buyer's Temporary Residential Lease - CORRECT ANSWER -for use when the buyer
occupies the property for
no more than 90 days prior to closing.
Seller's Temporary Residential Lease - CORRECT ANSWER -For use when the seller
occupies the property for no more than 90 days after closing.
right of first refusal - CORRECT ANSWER -the right to match or better an offer before
the property is sold to someone else
Promulgated - CORRECT ANSWER -To make known by open declaration, publish
According to DTPA, Brokerage is a - CORRECT ANSWER -Service
Estate in severalty - CORRECT ANSWER -One person owns the property, and all other
interests are severed. Only one signature of required on a deed conveying full ownership
Sole Proprietorship - CORRECT ANSWER -A business owned by one person
, cooperative - CORRECT ANSWER -a business organization owned and operated by a
group of individuals for their mutual benefit. Does not own a specific unit.
Familial Status - CORRECT ANSWER -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 - CORRECT ANSWER -An agreement between two or more parties to do
something or to refrain from doing something
Option is considered - CORRECT ANSWER -To be a unilateral contract
5 essential elements of a contract - CORRECT ANSWER -1. Both parties are legally
competent
2. Offer & acceptance (mutual agreement)
3. Legal Purpose
4. In writing (when required by law)
5. Consideration
Consideration - CORRECT ANSWER -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
- CORRECT ANSWER -mentally impaired
In order to comply with Statute of Frauds - CORRECT ANSWER -Contracts for the
conveyance of an interest in real estate or lease for a term of more than one year must be in
writing
