Texas Promulgated Contract Forms final exam with correct solutions.

Texas Promulgated Contract Forms final exam with correct solutions. 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 - answerD A "meeting of the minds" a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - answerA A contract that cannot be enforced due to some flaw or other issue in the contract. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - answerE Something given in exchange for a promise. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - answerC A contract in which only one party is obligated to perform. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - answerB 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 d. Recording in county clerk's office - answerB