PVL3702 EXAM 2 PACK 2023- Law of Contracts
Azbuyerzhaszgivenzherzrightzunderzazsaleszcontractztozazthirdzpartyzbutzhasznotzbeenzreleasedzofzthezliabilit
yzunderzthezcontract.zThisziszcalled?z-zAssignment
Substitutionzofzaznewzcontractzforzanzexistingzcontractziszcalled?z-zNovation
Azcontactzmayzbezdischargedzorzterminatedzwhenzwhichzofzthezfollowingzoccurs?z-
zImpossibilityzofzPerformance
Thezlawzthatzrequireszthatzcontractszbezinzwritingzandzsignedztozbezenforceablezinzazcourtzofzlawziszthe?z-
zStatutezofzFrauds
Contractszmayzbezdischargedzorzterminatedzwheneverzthezpartieszagree,zalongzwithzazwrittenzacceptance,
zthatzthezworkzperformedziszclosezenoughztozcompletionzandzthatzthezcontractziszdischargedzevenzifzsomez
minorzelementszremainzunperformed.zThisziszcalled?z-zPartialzPerformance
Whenzallzofzthezpartiesztozazcontractzagreeztozterminate,zitziszsaidztozbezterminatedzby?z-
zMutualzAgreement
Onezpartyzcancellingzorzterminatingzazcontractzaszthoughzitzhadzneverzbeenzmadezis?z-zRescission
Onezpartyzcancellingzorzterminatingzazcontactzwithoutzazreturnztozthezoriginalzpositionziszcalled?z-
zCancellation
If,zuponzthezreceiptzofzanzofferztozpurchasezazpropertyzsubjectztozcertainzconditions,zthezsellerzmakeszazco
unteroffer,zthezprospectivezbuyerzis?z-zRelievedzofzthezoriginalzoffer.
Azlistingzunderzwhichzazbroker'szcommissionziszthezdifferencezbetweenzthezsaleszproceedszandzanzamount
edzdesiredzbyzthezsellerzis?z-zAznetzlisting
, AllzofzthezfollowingzarezwrittenzagreementszusedzbyzlicensezholderszEXCEPT...z-
zBusinesszopportunityzcontracts.
WhenzpreprintedzformszpromulgatedzorzapprovedzbyzTRECzdoznotzsufficientlyzcoverzspecialzprovisionszinza
ztransaction,zthezlicensezholderzshould...z-
zHavezthezpartieszconsultztheirzownzattorneysztozdraftzlanguagezacceptableztozboth.
Azsituationzinzwhichzazsellerziszretainingztitleztozthezpropertyzuntilzfullzpaymentziszmadezbyzthezbuyerzis?z-
zAzlandzcontract.
Anzagreementzwherezonezbrokerziszgivenzthezexclusivezrightzandzauthorizationztozrepresentzthezsellerzinzm
arketingzthezseller'szpropertyziszcalled?z-zAnzexclusive-right-to-sellzlisting.
Anzagreementzwherezthezsellerzgiveszthezexclusivezrightzofzrepresentationztozazbroker-
agentztozmarketzthezseller'szpropertyzbutzreserveszthezrightztozsellzthezproperty,zwithoutzobligationztozpayz
thezbrokerzazcommission,ziszcalled?z-zAnzexclusive-agencyzlisting.
Azsellerzlistedzherzresidencezwithzazbroker.zThezbrokerzbroughtzanzofferzatzfullzpricezandztermszofzthezlistin
gzfromzbuyerszwhozarezready,zwilling,zandzableztozpayzcashzforzthezproperty.zHowever,zthezsellerzrejectedzt
hezbuyer'szoffer.zInzthiszsituation,zthezseller...z-zOweszazcommissionztozthezbroker.
Theztypezofzlistingzthatzallowszthezbrokerztozofferzthezpropertyzatzanyzpricezgreaterzthanztheztotalzamountz
thezsellerzwantsziszthe?z-zNetzlisting.
Whozarezthezpartieszofzazlistingzagreement?z-zThezbrokerzandzthezowner.
Azbrokerzshouldzdiscusszallzofzthezfollowingzissueszwithzazbuyerzbeforezsigningzazbuyerzrepresentationzagre
ementzEXCEPT?z-zThezsourcezofzcompensationzdetermineszthezagencyzrelationship.
Azlistingzorzbuyerzrepresentationzagreementzisztechnicallyzanzemploymentzagreementzbetweenzazclientz(b
uyerzorzseller)zandzaz_____.z-zBroker
WhichzofzthezfollowingzdoeszNOTzhavezlegalztitleztozrealzproperty?z-zLessee
Azbuyerzhaszgivenzherzrightzunderzazsaleszcontractztozazthirdzpartyzbutzhasznotzbeenzreleasedzofzthezliabilit
yzunderzthezcontract.zThisziszcalled?z-zAssignment
Substitutionzofzaznewzcontractzforzanzexistingzcontractziszcalled?z-zNovation
Azcontactzmayzbezdischargedzorzterminatedzwhenzwhichzofzthezfollowingzoccurs?z-
zImpossibilityzofzPerformance
Thezlawzthatzrequireszthatzcontractszbezinzwritingzandzsignedztozbezenforceablezinzazcourtzofzlawziszthe?z-
zStatutezofzFrauds
Contractszmayzbezdischargedzorzterminatedzwheneverzthezpartieszagree,zalongzwithzazwrittenzacceptance,
zthatzthezworkzperformedziszclosezenoughztozcompletionzandzthatzthezcontractziszdischargedzevenzifzsomez
minorzelementszremainzunperformed.zThisziszcalled?z-zPartialzPerformance
Whenzallzofzthezpartiesztozazcontractzagreeztozterminate,zitziszsaidztozbezterminatedzby?z-
zMutualzAgreement
Onezpartyzcancellingzorzterminatingzazcontractzaszthoughzitzhadzneverzbeenzmadezis?z-zRescission
Onezpartyzcancellingzorzterminatingzazcontactzwithoutzazreturnztozthezoriginalzpositionziszcalled?z-
zCancellation
If,zuponzthezreceiptzofzanzofferztozpurchasezazpropertyzsubjectztozcertainzconditions,zthezsellerzmakeszazco
unteroffer,zthezprospectivezbuyerzis?z-zRelievedzofzthezoriginalzoffer.
Azlistingzunderzwhichzazbroker'szcommissionziszthezdifferencezbetweenzthezsaleszproceedszandzanzamount
edzdesiredzbyzthezsellerzis?z-zAznetzlisting
, AllzofzthezfollowingzarezwrittenzagreementszusedzbyzlicensezholderszEXCEPT...z-
zBusinesszopportunityzcontracts.
WhenzpreprintedzformszpromulgatedzorzapprovedzbyzTRECzdoznotzsufficientlyzcoverzspecialzprovisionszinza
ztransaction,zthezlicensezholderzshould...z-
zHavezthezpartieszconsultztheirzownzattorneysztozdraftzlanguagezacceptableztozboth.
Azsituationzinzwhichzazsellerziszretainingztitleztozthezpropertyzuntilzfullzpaymentziszmadezbyzthezbuyerzis?z-
zAzlandzcontract.
Anzagreementzwherezonezbrokerziszgivenzthezexclusivezrightzandzauthorizationztozrepresentzthezsellerzinzm
arketingzthezseller'szpropertyziszcalled?z-zAnzexclusive-right-to-sellzlisting.
Anzagreementzwherezthezsellerzgiveszthezexclusivezrightzofzrepresentationztozazbroker-
agentztozmarketzthezseller'szpropertyzbutzreserveszthezrightztozsellzthezproperty,zwithoutzobligationztozpayz
thezbrokerzazcommission,ziszcalled?z-zAnzexclusive-agencyzlisting.
Azsellerzlistedzherzresidencezwithzazbroker.zThezbrokerzbroughtzanzofferzatzfullzpricezandztermszofzthezlistin
gzfromzbuyerszwhozarezready,zwilling,zandzableztozpayzcashzforzthezproperty.zHowever,zthezsellerzrejectedzt
hezbuyer'szoffer.zInzthiszsituation,zthezseller...z-zOweszazcommissionztozthezbroker.
Theztypezofzlistingzthatzallowszthezbrokerztozofferzthezpropertyzatzanyzpricezgreaterzthanztheztotalzamountz
thezsellerzwantsziszthe?z-zNetzlisting.
Whozarezthezpartieszofzazlistingzagreement?z-zThezbrokerzandzthezowner.
Azbrokerzshouldzdiscusszallzofzthezfollowingzissueszwithzazbuyerzbeforezsigningzazbuyerzrepresentationzagre
ementzEXCEPT?z-zThezsourcezofzcompensationzdetermineszthezagencyzrelationship.
Azlistingzorzbuyerzrepresentationzagreementzisztechnicallyzanzemploymentzagreementzbetweenzazclientz(b
uyerzorzseller)zandzaz_____.z-zBroker
WhichzofzthezfollowingzdoeszNOTzhavezlegalztitleztozrealzproperty?z-zLessee
