Promulgated Contract Forms (Champions) Exam Questions and Answers.

mutual consent - ANSWER-a "meeting of the minds" unilateral contract - ANSWER-a contract in which only one party is obligated to perform unenforceable contract - ANSWER-a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract - ANSWER-COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment - ANSWER-changes to the contract; common ones include changes to the closing date, changes to the sales price, down payment or amount finances, repairs the the seller agrees to perform, removal or waiver of contingencies addenda - ANSWER-an attachment that adds or further describes the rights and duties of the parties assignment - ANSWER-transfers all of the rights related to the contract to another party known as assignee novation - ANSWER-when a new contract is substituted fro an existing one statute of limitations - ANSWER-limits the time you may file suit. In Texas, it's two years for oral agreement and four years for a written agreement reasons for termination - ANSWER-mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract bilateral contract - ANSWER-a contract of sale between a buyer and seller executory contract - ANSWER-a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed promulgated forms - ANSWER-contract forms published by TREC counteroffer - ANSWER-a rejection of the original offer coupled with a new offer offeror - ANSWER-the party making the offer Buyer's or Seller's Temporary Residential Lease - ANSWER-for no more than 90 days offer must be presented... - ANSWER-phone, fax, email, letter, hand delivery