Which of the following would be defined as a party to a contract?
A. Buyer
B. Seller
C. Landlord
D. Tenant
E. All of the above
E. All of the above
A contract based upon a promise exchanged for a promise is a...
A. Semilateral Contract
B. Dilateral Contract
C. Binary Contract
D. Bilateral Contract
D. Bilateral Contract
A contract based upon one party's promise in exchange for an act from the other party is classified as...
A. Bilateral Contract
B. An unenforceable contract
C. An executed contract
D. A unilateral contract
D. A unilateral contract
A unilateral contract is enforceable against what?
A. either party
B. the offeror
C. the offeree
D. neither party
B. the offeror
A contract binding on one party but not the other is what?
A. unenforceable
B. Void
C. Voidable
D. Illegal
C. Voidable
A person who has not reached the age of majority is also know as what?
A. A minor
B. An infant
C. Both A and B
D. Neither A nor B
C. Both A and B
As a rule, a contract between an adult and a minor is NOT::::
A. Voidable by the minor
B. Enforceable against the adult
C. Enforceable against either party
D. Enforceable against the minor
D. Enforceable against the minor
An attorney-in-fact derives powers from what?
A. the state bar association
B. a power of attorney
C. judicial appointment
D. popular election
B. a power of attorney
A partnership may contract in the name of what?
A. its general partners
B. the partnership
C. Both A and B
D. neither A nor B
C. Both A and B
When an offeror makes a valid offer and communicates it to the offeree, the offeree may...
A. Reject the offer
B. Accept the offer
C. make a counteroffer
D. All of the above
D. All of the above
An offer may be terminated by what?
A. Withdrawal of the offer
B. refusal from the offeree
C. the lapse of time
D. All of the above
D. All of the above
Mutual agreement is missing when a contract is made under what?
A. Menace
B. undue influence
C. duress
D. All of the above
D. All of the above
An act intended to deceive the other party in a contract is what?
A. duress
B. menace
C. mistake
D. Fraud
D. Fraud
A contract made as a joke or in jest is precluded from becoming a valid contract because it lacks what?
A. Contractual intent
B. mutual agreement
C. Both A and B
D. Neither A nor B
C. Both A and B
A contract that is in the process of being carried out is what???
A. executed
B. executing
C. executory
D. executrix
C. executory
When a lessee in a rental party assigns the lease to another party, the lessee assumes the role of what?
A. Assignor
B. Assignee
C. Sublessee
D. None of the above
A. Assignor
Substitution of a new contract and a new party for a previous one is known as what?
A. Innovation
B. assignment
C. subrogation
D. Novation
D. Novation
Legal action to force the breaching party to carry out the remainder of a contract is called a suit for...
A. liquidated damages
B. Specific performance
C. Partial performance
D. Breach of contract
B. Specific performance
The law that limits the time in which a wronged party may file legal action for obtaining justice is the statute of...
A. Frauds
B. limitations
C. Novation
D. Performance
B. Limitations
In view of current trends toward consumer protection, the watchwords for real estate salespersons and brokers might well be...
A. Caveat emptor
B. Caveat agent
C. Both A and B.
D. Neither A nor B
B. Caveat Agent
Contract
Agreement between two parties agreement to do or not to do something.
Contract for forbearence
A agreement to NOT do something.
Does a contract for forbearence
A. written
B. oral
C. both
C. both
Parol
contract that is an ORAL contract
Expressed Contract
one in which the intent of the party is stated (expressed) in the contract itself written or oral
Implied contract
one in which the intent of the parties is NOT stated but is indicated by their actions
Void contract
one that is not recognized legally and has NO legal effect NOT binding on either party NOT a contract AT ALL.
Voidable Contract
one that is capable of being voided by ONE party to the contract
Bilateral contract
results when a promise is exchanged for a promise
Unilateral contract
when only one party promises to give up something.
Executed Contracts
are when all requirements all fulfilled and parties have done their parts to the contract.
Executory Contracts
All the requirements have NOT been finished
Valid
Is legally sufficient and meets all requirements of the law and are enforceable or unenforceable
Enforceable
A valid contract that CAN be enforced in a court of law.
Unenforceable
A contract that CANNOT be enforced in a court of law but is valid until challenged in court
What are four elements a contract needs to be valid?
Consideration
Agreement
Legal objective
legal competent parties CALL
Consideration
an act or promise given in exchange for someting
Valuable consideration
anything that has a monetary value such as money, services, and merchandise
Good consideration
Something of worth that does NOT have a monetary value such as love, affection, or good will...
Agreement (meeting of the minds)
means that there must be agreement to the provisions of the contract by the parties involved...they must both Agree to the contract
Counteroffer
When the party doesn't accept the offer. They make a different offer when this happens the original offer is TERMINATED
For a mutual agreement to be valid there must not be what?
Fraud
Innocent misrepresentation
Mistake
Fraud
is an act of intended to decieve someone in order to give up something of value: giving false information or withholding relevant information
Due to fraud what can the injured party do about it?
It is voidable...The can recind the contract or go along with it
Mistake
an error in the FACTS of a transaction: mutually by both parties, unintentionally, and without negligence
Is a mistake Void, valid, or voidable?
VOID
Offer and acceptance
requires that one party makes an offer to another party. If the offer is acceptable, the offeree must then communicate the acceptance to the offeror
offeror
makes the offer
offeree
is the party debating to take the offer