PROMULGATED FORMS CHAMPIONS
COMPREHENSIVE EXAM 2026 FULL
QUESTIONS AND VERIFIED ANSWERS
⩥ A contract in which only one party is obligated to perform. Answer:
Unilateral contract
⩥ Something given in exchange for a promise. Answer: Consideration
⩥ 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. Answer:
Option
⩥ A contract that cannot be enforced due to some flaw or other issue in
the contract. Answer: Unenforceable contract
⩥ Elements of a valid and enforceable contract. Answer: Competent
parties, Offer and acceptance (mutual parties), Legal purposes, In
writing, Consideration
⩥ Contracts with a person who lacks mental capacity can be either
_____ or ______.. Answer: Void or Voidable
,⩥ If the person has been judged to be incompetent, the contract is
_______ because the person never had the capacity to enter into the
contract.. Answer: Void
⩥ Once all the terms of an offer have been agreed to and signed by the
parties, and the acceptance com- municated to the offeror, thecontract
becomes bindingon the parties.. Answer: The contract is known as an
executory contract from the effective date through the closing.
⩥ A unilateral con- tract is said to lack ____.. Answer: Mutuality
⩥ Common amendments include:. Answer: • Changes to the closing date
• Changes to the sales price, down payment and/or amount financed
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
⩥ An ______ to a contract is an attachment that adds or further describes
the rights and duties of the parties.. Answer: Addendum
⩥ The _____ of a contract transfers all of the rights related to the
contract to another party known as the assignee.. Answer: Assignment
⩥ A _____ occurs when a new contract is substituted for an existing
one.. Answer: Novation
, ⩥ A contract of sale between a buyer and seller. Answer: Bilateral
Contract
⩥ An agreement between a buyer and seller or landlord and tenant.
Answer: Option
⩥ A contract that is binding on the parties, with one or more of the
parties having contractual duties that have not yet been performed.
Answer: Executory contract
⩥ A contract that cannot be enforced against one or more of the parties.
Answer: Voidable contract
⩥ The five essential elements that must exist for a real estate sales
contract to be considered val- id and enforceable are legal purpose,
competent parties, mutual assent, consideration, and _____.. Answer: In
writing
⩥ Tammy is interested in Jolene's property but wants to research the
zoning laws before purchas- ing. She has an agreement in which she
paid a fee of $100 to keep the property available for a preset price for 30
days, during which time Jolene cannot sell the property to another.
Tammy, however, can change her mind if she likes. What kind of
agreement is this?. Answer: Option
COMPREHENSIVE EXAM 2026 FULL
QUESTIONS AND VERIFIED ANSWERS
⩥ A contract in which only one party is obligated to perform. Answer:
Unilateral contract
⩥ Something given in exchange for a promise. Answer: Consideration
⩥ 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. Answer:
Option
⩥ A contract that cannot be enforced due to some flaw or other issue in
the contract. Answer: Unenforceable contract
⩥ Elements of a valid and enforceable contract. Answer: Competent
parties, Offer and acceptance (mutual parties), Legal purposes, In
writing, Consideration
⩥ Contracts with a person who lacks mental capacity can be either
_____ or ______.. Answer: Void or Voidable
,⩥ If the person has been judged to be incompetent, the contract is
_______ because the person never had the capacity to enter into the
contract.. Answer: Void
⩥ Once all the terms of an offer have been agreed to and signed by the
parties, and the acceptance com- municated to the offeror, thecontract
becomes bindingon the parties.. Answer: The contract is known as an
executory contract from the effective date through the closing.
⩥ A unilateral con- tract is said to lack ____.. Answer: Mutuality
⩥ Common amendments include:. Answer: • Changes to the closing date
• Changes to the sales price, down payment and/or amount financed
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
⩥ An ______ to a contract is an attachment that adds or further describes
the rights and duties of the parties.. Answer: Addendum
⩥ The _____ of a contract transfers all of the rights related to the
contract to another party known as the assignee.. Answer: Assignment
⩥ A _____ occurs when a new contract is substituted for an existing
one.. Answer: Novation
, ⩥ A contract of sale between a buyer and seller. Answer: Bilateral
Contract
⩥ An agreement between a buyer and seller or landlord and tenant.
Answer: Option
⩥ A contract that is binding on the parties, with one or more of the
parties having contractual duties that have not yet been performed.
Answer: Executory contract
⩥ A contract that cannot be enforced against one or more of the parties.
Answer: Voidable contract
⩥ The five essential elements that must exist for a real estate sales
contract to be considered val- id and enforceable are legal purpose,
competent parties, mutual assent, consideration, and _____.. Answer: In
writing
⩥ Tammy is interested in Jolene's property but wants to research the
zoning laws before purchas- ing. She has an agreement in which she
paid a fee of $100 to keep the property available for a preset price for 30
days, during which time Jolene cannot sell the property to another.
Tammy, however, can change her mind if she likes. What kind of
agreement is this?. Answer: Option
