PROMULGATED FORMS CHAMPIONS
FINAL PAPER 2026 COMPLETE QUESTIONS
AND VERIFIED ANSWERS
⩥ unilateral contract. Answer: A contract in which only one party is
obligated to perform
⩥ consideration. Answer: Something given in exchange for a promise
⩥ option. Answer: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a preset price for a given period
of time
⩥ unenforceable contract. Answer: A contract that cannot be enforced
due to some flaw or other issue in the contract
⩥ valid contract. Answer: one that meets all requirements of law
⩥ void contract. Answer: is invalid from the beginning and does not
affect the parties. A contract to perform an illegal act is a void contract.
,⩥ voidable contract. Answer: is one that cannot be enforced against one
or more of the parties. Most contracts entered into with minors are
voidable at the option of the minor.
⩥ Unenforceable Contract. Answer: is one that cannot be enforced due
to some flaw in the contract, passage of time, or other issues that make
enforcement impossible
⩥ elements of a valid/enforceable contract. Answer: COLIC
Competent parties, Offer and acceptance (mutual parties), Legal
purposes, In writing, Consideration
⩥ Competent parties. Answer: The general rule of law is that all parties
to a contract have read it and understand it
People w/o mental capacity to understand can have a voidable contract,
same with minors
⩥ mutual consent. Answer: is often referred to as a "meeting of the
minds." For a contract to exist, there must have been a meeting of the
minds (offer and acceptance) between the parties.
⩥ legal purpose. Answer: A contract for an illegal purpose is void, and
the law treats the contract as if it were never created. An example of a
void contract would be one to have somebody killed or to deliver illegal
drugs. All contracts must have a legal purpose in order to be valid
, ⩥ in writing. Answer: in order to obey Statute of Frauds, leases for more
than 1 yr and real estate must be in writing
⩥ consideration. Answer: is defined as something given in exchange for
a promise. There is no requirement that the consideration be in the form
of money. Consideration in a contract could be nothing more than a
promise made by one party in exchange for a promise made by the other.
⩥ executory contract (contract ready to be executed). Answer: A contract
that has not yet been fully performed.
The effective date is the date that acceptance was communicated to the
offering party (i.e. seller accepted offer on Jan 3rd, buyer was told on jan
4th of acceptance, effective date is 4th)
⩥ the contract has been fully executed when... Answer: the sale is closed
⩥ bilateral contract. Answer: A contract of sale between a buyer and
seller is a bilateral contract because both parties have made promises;
therefore, both parties have duties to perform.
a promise for a promise
⩥ unilateral contract. Answer: one person promises, one person acts.
FINAL PAPER 2026 COMPLETE QUESTIONS
AND VERIFIED ANSWERS
⩥ unilateral contract. Answer: A contract in which only one party is
obligated to perform
⩥ consideration. Answer: Something given in exchange for a promise
⩥ option. Answer: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a preset price for a given period
of time
⩥ unenforceable contract. Answer: A contract that cannot be enforced
due to some flaw or other issue in the contract
⩥ valid contract. Answer: one that meets all requirements of law
⩥ void contract. Answer: is invalid from the beginning and does not
affect the parties. A contract to perform an illegal act is a void contract.
,⩥ voidable contract. Answer: is one that cannot be enforced against one
or more of the parties. Most contracts entered into with minors are
voidable at the option of the minor.
⩥ Unenforceable Contract. Answer: is one that cannot be enforced due
to some flaw in the contract, passage of time, or other issues that make
enforcement impossible
⩥ elements of a valid/enforceable contract. Answer: COLIC
Competent parties, Offer and acceptance (mutual parties), Legal
purposes, In writing, Consideration
⩥ Competent parties. Answer: The general rule of law is that all parties
to a contract have read it and understand it
People w/o mental capacity to understand can have a voidable contract,
same with minors
⩥ mutual consent. Answer: is often referred to as a "meeting of the
minds." For a contract to exist, there must have been a meeting of the
minds (offer and acceptance) between the parties.
⩥ legal purpose. Answer: A contract for an illegal purpose is void, and
the law treats the contract as if it were never created. An example of a
void contract would be one to have somebody killed or to deliver illegal
drugs. All contracts must have a legal purpose in order to be valid
, ⩥ in writing. Answer: in order to obey Statute of Frauds, leases for more
than 1 yr and real estate must be in writing
⩥ consideration. Answer: is defined as something given in exchange for
a promise. There is no requirement that the consideration be in the form
of money. Consideration in a contract could be nothing more than a
promise made by one party in exchange for a promise made by the other.
⩥ executory contract (contract ready to be executed). Answer: A contract
that has not yet been fully performed.
The effective date is the date that acceptance was communicated to the
offering party (i.e. seller accepted offer on Jan 3rd, buyer was told on jan
4th of acceptance, effective date is 4th)
⩥ the contract has been fully executed when... Answer: the sale is closed
⩥ bilateral contract. Answer: A contract of sale between a buyer and
seller is a bilateral contract because both parties have made promises;
therefore, both parties have duties to perform.
a promise for a promise
⩥ unilateral contract. Answer: one person promises, one person acts.
