Champions law of Contracts ACTUAL
UPDATED Questions and CORRECT
Answers
In a residential lease with a "right of first refusal" provision: - CORRECT ANSWER -The
tenant has the right to match or better any offer the landlord receives to prevent the property
from being sold to someone else
The four ECONOMIC characteristics of land are: - CORRECT ANSWER -1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - CORRECT ANSWER -90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract. - CORRECT ANSWER -Unilateral Contract
At closing, the contract is: - CORRECT ANSWER -fully executed
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of
________. - CORRECT ANSWER -Services
The five essential elements of a valid and enforceable contract are: - CORRECT
ANSWER -COLIC
1. Component parties
, 2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom. - CORRECT
ANSWER -Common Law
Which kind of rights extend above the surface of property without limitation? - CORRECT
ANSWER -Air rights
A(n) ________ occurs when a new contract is substituted for an existing one. - CORRECT
ANSWER -Novation
A(n) ________ is a business venture that is owned by one individual. - CORRECT
ANSWER -Sole proprietorship
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - CORRECT ANSWER -Contract
3 physical characteristics of land - CORRECT ANSWER -1. non-homogeneity
2. immobility
3. indestructibility
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence.
In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days
of the effective date of the contract. Jake never delivered the disclosure as promised. Which of
the following statements is true? - CORRECT ANSWER -Sarah has the right to terminate
the contract and receive a refund of earnest money prior to closing
UPDATED Questions and CORRECT
Answers
In a residential lease with a "right of first refusal" provision: - CORRECT ANSWER -The
tenant has the right to match or better any offer the landlord receives to prevent the property
from being sold to someone else
The four ECONOMIC characteristics of land are: - CORRECT ANSWER -1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - CORRECT ANSWER -90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract. - CORRECT ANSWER -Unilateral Contract
At closing, the contract is: - CORRECT ANSWER -fully executed
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of
________. - CORRECT ANSWER -Services
The five essential elements of a valid and enforceable contract are: - CORRECT
ANSWER -COLIC
1. Component parties
, 2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom. - CORRECT
ANSWER -Common Law
Which kind of rights extend above the surface of property without limitation? - CORRECT
ANSWER -Air rights
A(n) ________ occurs when a new contract is substituted for an existing one. - CORRECT
ANSWER -Novation
A(n) ________ is a business venture that is owned by one individual. - CORRECT
ANSWER -Sole proprietorship
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - CORRECT ANSWER -Contract
3 physical characteristics of land - CORRECT ANSWER -1. non-homogeneity
2. immobility
3. indestructibility
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal residence.
In the contract, Jake promised to deliver a seller's disclosure of property condition within 5 days
of the effective date of the contract. Jake never delivered the disclosure as promised. Which of
the following statements is true? - CORRECT ANSWER -Sarah has the right to terminate
the contract and receive a refund of earnest money prior to closing
