Texas Promulgated Forms Exam Question with Complete Solutions

All of the above - Answer-Which of the following is an example of consideration...? Money Personal services Cash All of the above Competent parties - Answer-A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...? Consideration Competent parties Mutual agreement Lawful objective Novation - Answer-The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...? Amendment Bulletin Novation Assignment Bilateral contract - Answer-A contract in which each party promises to do something is referred to as a...? Unilateral contract Bilateral contract Void contract Exclusive contract Initialed by all parties - Answer-Any changes to a contract must be...? Orally acknowledged by all parties Recorded Notarized Initialed by all parties Texas State Bar - Answer-Which of the following appoints 6 of the members to the Broker/Lawyer Committee...?