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Terms in this set (40)
When the parties to a contract have fully performed the terms, the contract may properly be described as
Assuming that there are no other hindrances to closing, if the seller dies before signing the closing papers, the transaction is
Waiver, in legal language, is best defined as
a unilateral act with legal consequences.
Which of the following is the best explanation of specific performance?
A legal procedure or action brought by either the buyer or seller to enforce the terms of a sales contract.
Blake, a broker, negotiates the sale of a parcel of real estate for Young, a minor. When Young becomes of age he disaffirms the contract of sale and sues Blake to recover the commission paid to Blake. Which of the following statements is correct?
The contract is voidable at Young's option.
Which of the following would NOT release an offer?
The illiteracy of the seller
A month-to-month tenancy must include which of the following to be valid?
All of these.
The phrase "time is of the essence" is most likely to be found in a
purchase and sale agreement.
The Statute of Frauds requires that contracts for the transfer of an interest in land be
in writing to be enforceable.
All of the following are essential elements to a lawfully enforceable contract, EXCEPT
It is said that a valid contract must have legality of object. Which of the following best describes legality of object?
The contract must not be for an illegal purpose or against public policy.
To each enforceable sales agreement, there must be a(n)
offer and acceptance.
An executory contract is always a
contract that is to be performed.
Two parties signed a contract which both knew was for an illegal purpose. Under these circumstances, the contract would be
Which of the following would NOT need to be in writing?
A month-to-month rental agreement
If a seller accepted an offer but changed the date of possession, and initialed that change,
it would become a counteroffer, subject to acceptance by the buyer.
Which of the following is NOT a necessary element in the formation of a contract?
If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective purchaser is
relieved of his original offer.
To have a valid contract, a series of elements are needed. They are
competent parties promising to do or not to do certain things for legal consideration, provided the agreement is with a lawful object in mind.
Which of the following is the best description of a contract?
An agreement between competent parties and based upon legal consideration that creates legally enforceable duties and obligations.
The absence of which of the following would render an earnest money agreement unenforceable?
What is the meaning of novation?
Substitution of a new contract between same or different parties
A real estate sales agreement, to be enforceable, must in all cases have
A contract could be rescinded due to
any of these.
Which of the following is NOT essential to a valid contract?
When the "time is of the essence" clause is inserted in a contract to purchase real estate,
punctual performance of the terms is required of the principals to the contract.
"An agreement between competent parties based upon legal consideration creating legally enforceable duties and obligations" is a definition of
A contract created by actions rather than oral or written words is called a(n)
Coercion and duress were applied upon Albert in a contract with Roger. The contract is
voidable at the option of Albert.
Certain contracts are required to be in writing because of the
Statute of Frauds.
Smith enters into a binding contract to buy lot 3 in subdivision "X" from Brown. Before closing, Brown receives a higher offer for the lot and refuses to convey it, offering Smith instead an adjacent similar lot. As a result
Smith can sue for specific performance under the contract and force Brown to convey lot 3.
Consideration in a contract
may be an exchange of promises.
Two men entered into a real estate contract. After one year had elapsed, they decided to change the contract, and a new contract was executed to replace the original. This is an example of
A contract must have certain specific elements in order for it to be valid. Which of the following is NOT a necessary component to form a valid contract?
Using threats to force a person to enter into a contract involuntarily is known as
A voidable contract is
enforceable, but is subject to rescission by one of the parties to the contract.
To be legally enforceable, an option or contract for the sale of real property must be all of the following EXCEPT
initialed by a real estate broker or attorney.
A private corporation wants to sell its real property. Who is entitled to sign the employment contract?
A person authorized by the board of directors
An oral lease for two years is not enforceable due to the
Statute of Frauds.
A lease for less than one year
may be oral.
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