LAW OF CONTRACTS - CHAMPIONS
TEST 2026/2027 ACTUAL QUESTIONS
WITH VERIFIED ANSWERS.
1. A(n) ________ occurs when a new contract is substituted for
an existing one. - correct answer-novation
2. A(n) ________ is a business venture that is owned by one
individual. - correct answer-Sole proprietorship
3. A(n) ________ is a listing in which the real estate broker's
commission is the difference between the minimum net
established by the seller and the price that the buyer is
willing to pay. - correct answer-net listing
4. The requirements for a valid lease are, competent parties, let
and take agreement, in writing and ________. - correct
answer-description of the property
, 5. ________ of an offer means that the accepting party does so
with no change to the contract whatsoever. - correct answer-
acceptance
6. The ________ ensures that all consumers are given an
equal chance to obtain credit - correct answer-Equal Credit
Opportunity Act
7. The formal judicial proceeding to prove the validity of a will
and to distribute the assets of a decedent's estate is called: -
correct answer-probate
8. A ________ is a deed with no guarantees or warranties. -
correct answer-quitclaim deed
9. A ________ is the borrower's unconditional promise to repay
the lender. - correct answer-Promissory note
10. A "Section 502 Loan" is insured by the ________. - correct
answer-USDA
TEST 2026/2027 ACTUAL QUESTIONS
WITH VERIFIED ANSWERS.
1. A(n) ________ occurs when a new contract is substituted for
an existing one. - correct answer-novation
2. A(n) ________ is a business venture that is owned by one
individual. - correct answer-Sole proprietorship
3. A(n) ________ is a listing in which the real estate broker's
commission is the difference between the minimum net
established by the seller and the price that the buyer is
willing to pay. - correct answer-net listing
4. The requirements for a valid lease are, competent parties, let
and take agreement, in writing and ________. - correct
answer-description of the property
, 5. ________ of an offer means that the accepting party does so
with no change to the contract whatsoever. - correct answer-
acceptance
6. The ________ ensures that all consumers are given an
equal chance to obtain credit - correct answer-Equal Credit
Opportunity Act
7. The formal judicial proceeding to prove the validity of a will
and to distribute the assets of a decedent's estate is called: -
correct answer-probate
8. A ________ is a deed with no guarantees or warranties. -
correct answer-quitclaim deed
9. A ________ is the borrower's unconditional promise to repay
the lender. - correct answer-Promissory note
10. A "Section 502 Loan" is insured by the ________. - correct
answer-USDA
