Legal Aspects of Real Estate Ch. 6
UPDATED ACTUAL Exam Questions and
CORRECT Answers
What consists of both common law and statutory rules that govern the creation, interpretation,
and enforcement of contracts? - CORRECT ANSWER - Contract law
What type of suit is an attempt to force the defaulting party to comply with the terms of the
contract? - CORRECT ANSWER - A suit for specific performance
What type of performance describes when a defendant has failed to complete performance of an
agreement according to its terms and where the plaintiff may recover damages to compensate
him or her to the same extent as though the contract had been completely performed? -
CORRECT ANSWER - Partial performance
What type of contract is one in which both parties promise to perform their respective parts of an
agreement in exchange for performance by the other party? - CORRECT ANSWER -A
bilateral contract
If a contingency was not met by the date outlined in the contingency, the contract is - CORRECT
ANSWER - void
What term describes when damages were within the contemplation of the contract when made? -
CORRECT ANSWER - Foreseeability
A meeting of the minds where parties freely agree to the terms of a contract, exactly as the
contract is written, is called - CORRECT ANSWER - mutual assent.
At least how many people are needed to form a bilateral contract? - CORRECT
ANSWER -2
UPDATED ACTUAL Exam Questions and
CORRECT Answers
What consists of both common law and statutory rules that govern the creation, interpretation,
and enforcement of contracts? - CORRECT ANSWER - Contract law
What type of suit is an attempt to force the defaulting party to comply with the terms of the
contract? - CORRECT ANSWER - A suit for specific performance
What type of performance describes when a defendant has failed to complete performance of an
agreement according to its terms and where the plaintiff may recover damages to compensate
him or her to the same extent as though the contract had been completely performed? -
CORRECT ANSWER - Partial performance
What type of contract is one in which both parties promise to perform their respective parts of an
agreement in exchange for performance by the other party? - CORRECT ANSWER -A
bilateral contract
If a contingency was not met by the date outlined in the contingency, the contract is - CORRECT
ANSWER - void
What term describes when damages were within the contemplation of the contract when made? -
CORRECT ANSWER - Foreseeability
A meeting of the minds where parties freely agree to the terms of a contract, exactly as the
contract is written, is called - CORRECT ANSWER - mutual assent.
At least how many people are needed to form a bilateral contract? - CORRECT
ANSWER -2
