Promulgated Forms - Champions School Exam Questions and Answers 100% Correct.

Competent Parties Offer and acceptance ( mutual consent) Legal Purpose In writing (when required by law) Consideration - ANSWER-Elements of a contract to be valid contract binding parties with one or more duties - ANSWER-executory contract both parties made promise - ANSWER-bilateral one party made promise - ANSWER-unilateral agreement between buyer and seller or tenant and landlord (right of first refusal - tenant and landlord) - ANSWER-option CHANGES to the contract - ANSWER-amendment ADDITIONS to the contract - ANSWER-addendum transfers rights - ANSWER-assignment new contract substituted for an existing one - ANSWER-novation 2 years oral 4 years verbal - ANSWER-statue of limitations always to protect consumer (all of the above) - ANSWER-law rules/ regulation 9 members protect consumers unlawful practice of law license holder is not qualified to craft provisions - ANSWER-TRELA 1. one to four 2. new home - incomplete 3. new home - complete 4. unimproved property 5. residential condominium contract 6. farm and ranch - ANSWER-TREC 6 promulgated forms NOT a promulgated form - ANSWER-LISTING AGREEMENT