TEXAS PROMULGATED CONTRACTS-CHAMPIONS ACTUAL TEST WITH ALL CORRECT ANSWERS.

CHAMPIONS ACTUAL TEST WITH ALL CORREC




1. The elements of a valid contract are, competent parties, consideration, legal
subject matter, in writing, and .



(a) Default



(b) Mutual consent

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, (c) Property condition



(d) Recording ANS >>> B



2. A(n) contract is defined as a contract that is binding
on the parties, with one or more of the parties having contractual duties that
have not yet been performed.



(a) Executory



(b) Executed



(c) Bilateral



(d) Void ANS >>> A



3. In the business of real estate, is defined as something given
in exchange for a promise.



(a) Consideration

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, (b) Mutual assent



(c) A bribe



(d) Legal subject matter ANS >>> A



4. The TREC-promulgated contract forms ANS >>>



(a) Are for optional use by real estate licensees



(b) Are drafted by the Broker-Lawyer Committee



(c) Are promulgated by the legislature




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