Performance - correct answer The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is
... [Show More] known as...?
Consideration
Novation
Performance
Void
All of the above - correct answer Which of the following is an example of consideration...?
Money
Personal services
Cash
All of the above
Statute of Frauds - correct answer A State law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the...?
Statute of Frauds
Statute of Limitations
Statute of Contracts
Statute of Records
Options contract - correct answer Which of the following is an example of a forbearance contract...?
Listing contract
Options contract
Sales contract
All of the above
Binding - correct answer A valid contract must be .......... and enforceable?
Binding
Waived
Notarized
Recorded
Competent parties - correct answer A party to a contract that is forced to sign a contract under duress violates this element of a valid contract...?
Consideration
Competent parties
Mutual agreement
Lawful objective
Leases under one year - correct answer Which of the following real estate contracts does not have to be in-writing...?
Real estate sales contract
Leases under one year
Listing contracts
All real estate contracts must be in writing
Mutual agreement - correct answer If one of the parties to a contract does not voluntarily agree to the contract, this element of a valid contract is violated...?
Mutual agreement
Consideration
Competent parties
Lawful objective
Void - correct answer To have no force or effect is referred to as a .......... contract?
Void
Valid
Enforceable
Executed
Voidable - correct answer That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract?
Unenforceable
Voidable
Executed
Expired
Majority - correct answer In order to be considered a competent party, an individual must be of the age of the...?
Majority
Minority
Other party
None of the above
Voidable contract - correct answer A contract in which one of the parties is a minor is considered a...?
Void contract
Executed contract
Voidable contract
Waived contract
Non-fraudulent party - correct answer A contract in which there is fraud by either commission or omission is voidable by the...?
Either the non-fraudulent or fraudulent party
Fraudulent party
The contract is not voidable
Non-fraudulent party
Void - correct answer A contract that is missing one or more of the elements of a valid contract is considered...?
Enforceable
Executed
Expired
Void
Bilateral contract - correct answer A contract in which each party promises to do something is referred to as a...?
Unilateral contract
Bilateral contract
Void contract
Exclusive contract
Unilateral contract - correct answer When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a...?
Unilateral contract
Bilateral contract
Void contract
Exclusive contract
Unilateral contract - correct answer An options contract is an example of a/an...?
Unilateral contract
Bilateral contract
Void contract
Unenforceable contract
All of the above - correct answer Which of the following is an example of a bilateral contract...?
Listing contract
Sales contract
Independent contractor agreement
All of the above
Assignment - correct answer A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?
Assignment
Amendment
Novation
Bulletin
Novation - correct answer The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...?
Amendment
Bulletin
Novation
Assignment
Executory - correct answer An assignment can occur when a contract is...?
Executory
Executed
Void
Enforced
Amend the existing contract - correct answer Which of the following may be used as an alternative to novation...? [Show Less]