TEXAS PROMULGATED CONTRACT FORMS II| TEST
READY? ALWAYS. READY WITH OUR ACCURATE
ANSWERS!
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.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
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,d. Option
e. Unenforceable contract - Answer: E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: C
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: B
The five essential elements that must exist for a real estate sales contract to be considered
valid and enforceable are: legal purpose, competent parties, mutual assent, consideration
and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
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,d. Recording in county clerk's office - Answer: B
If a contract has been entered into with a person who has been judged to be incompetent,
that contract is considered _________________ because that person never had the capacity
to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void - Answer: D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - Answer: C
A buyer who has the right to purchase a property at a preset price and terms for a period of
time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - Answer: A
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, A(n) _______________ contract is defined as a contract that is binding on the parties, with
one or more of the parties having contractual duties that have not yet been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void - Answer: A
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - Answer: B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - Answer: B
License holder adding complex provisions to a contract.
a. Promulgated forms
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READY? ALWAYS. READY WITH OUR ACCURATE
ANSWERS!
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.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
,d. Option
e. Unenforceable contract - Answer: E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: C
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - Answer: B
The five essential elements that must exist for a real estate sales contract to be considered
valid and enforceable are: legal purpose, competent parties, mutual assent, consideration
and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
,d. Recording in county clerk's office - Answer: B
If a contract has been entered into with a person who has been judged to be incompetent,
that contract is considered _________________ because that person never had the capacity
to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void - Answer: D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - Answer: C
A buyer who has the right to purchase a property at a preset price and terms for a period of
time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - Answer: A
APPHIA – Crafted with Care and Precision for Academic Excellence.
3
, A(n) _______________ contract is defined as a contract that is binding on the parties, with
one or more of the parties having contractual duties that have not yet been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void - Answer: A
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - Answer: B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - Answer: B
License holder adding complex provisions to a contract.
a. Promulgated forms
APPHIA – Crafted with Care and Precision for Academic Excellence.
4
