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Texas Promulgated Forms: Chapter 1

Texas Promulgated Forms
STUDY
PLAY
Which of the following is NOT an essential elemtn of a valid contract?
Earnest money
The law that requires the contract to be in writing and isgned by the parties is the
Statute of Frauds.
A contract that is unenforceable
was once valid but is no longer so.
An oral agreeemnt of sale is
voidable.
A contract can be terminated at the option of the buyer when
all of these.
Contracts can be discharged or terminated for all of the following EXCEPT
when the buyer sends an amendment to the seller asking for a change in the closing date.
When the parties agree to change a contract that has already been agreed upon the proper form to use is the
Amendment.
A document that transfers contract obligations to another party but does NOT release the first party's obigation is
an assignment.
Once the duties in a contract are completed by both parties, the contract is
executed.
A sales contract in which a promise is exchanged for a promise is
bilateral.
Addendum
An addition to a contract; the contract must reference the addendum, and the addendum must reference the contract; listed in paragraph 22 of the TREC-promulgated contractss.
Amendment
A revision or change to a contract; the TREC contracts may be amended by using the TREC promlgated amendment.
Assignment
The transfer of one's legal rights to another party competent an neuutral party who is authorized
Attorney-in-Fact
A legally competent and neutral party who is authorized by another to act in that individual's place as a fiduciary.
Bilateral Contract
A contractual agreement in which each party agrees to perform or forbear in exchange for the other party's promise to perform or forebear.
Binding
...
Breach
Nonperformance of the legal terms of a valid contract.
Competent Party
A party who has legal capacity to enter into a binding contract.
Consideration
Something of value given by one party in exchange for something of value from another; money for a promise, money for money, a promise for a promise.
Default
See breach of contract.
Earnest Money
The initial and addtional cash deposits tendered by the prospective buyer of real property to show good faith. Earnest money and additonal earnest money are addressed in paragraph 5 of the TREC-promulgated contracts and in the TREC Addendum for Back-Up Contract.
Enforceable Contract
An agreement that meets all of the legal requirements to create a binding contract.
Executed Contract
...
Executory Contract
...
Forbearance
...
Fraud
...
Incompetent Party
...
Lawful Objective
...
Legal Descrption
...
Liquidated Damages
...
Minor
...
Mutual Agreement
...
Novation
...
Option
...
Option to Purchase
...
Option to Terminate
...
Performance
...
Rescission
...
Statute of Frauds
...
Time is of the Essence
...
Uneforceable
...
Unilateral Contract
...
Valid
...
Void
...
Voidable
...