Texas Promulgated Contract Forms Exam Questions with Verified 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 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