A(n) ________ is an oral or deathbed will. 37 ______________is defined as something given in exchange for a promise. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Due to _______ an offer by a prospective purchaser can be terminated prior to acceptance. Which of the following are NOT included in the description of land? Another name for personal property is _______. 5/2/2014 Business Law Test #3 flashcards | Quizlet 7/12 b. only under the UCC when the sale of goods is the subject of the contract. a. In some states, it is common for a contract to be subject to satisfactory inspections, unsatisfactory results leading to ______ of the contract. This course covers the 30 hours of content required in the Law of Contracts courses, as stipulated by the Texas Real Estate Commission (TREC). Contracts In Real Estate Transactions Chapter Exam Take this practice test to check your existing knowledge of the course material. Subject. (b) for residential property built prior to 1978. ll of the land in the U.S. is held under the ________system. Unlimited access to 507 exams with model answers in 17 subjects. Which of the answers provided is described as the percentage of the lesser of the appraised value or sales price that the lender will loan? The federal requirement ________ is the Lead-Based Paint Disclosure. The State of Texas requires that most sellers of residential property provide a _______ whether or not the seller has ever occupied the property. Sample Decks: Texas Law of Contracts, Texas Promulgated Contract Forms, Cram Exam Show Class Texas Real Estate Principles 1. An "_______" date is usually the closing date specified in a contract. Any contract for sale of land... b. The law of contracts is state law, and the common law varies from state to state. 0 Incorrect. Malcolm, a buyers' agent, has learned that his client's offer has been accepted and the contract has been executed. Created. RELE 1211 – Law of Contracts Final Exam A 1. Law of Contracts 1.1. This notion of enforceability is central to contract law. Which of the following description uses terminal points and angles to describe a parcel of land? Any property, whether real or personal, that is capable of being inherited, is called a ________. (d) He/she must present all offers to the client. d. to put the non-breaching party in the position it would have been in if the contract hadn't been breached. Which type of description of property is a requirement for a valid deed? The salesperson is exempt because he is between 40-70 years old. The rights that extend above the surface of land without limitation are known as ______ rights. If a client is interested in a lease with an option to purchase or a right of first refusal, the assistance of a(n)_________ is required. Texas Law of Contracts, Second Edition ©2015 Kaplan, Inc. May be reproduced for educational uses only. We'll review your answers and create a … If you break (breach) the contract, the other party has Definition and Forms of contracts The law of contract is concerned about the legal enforceability of promises. 100% (8) Pages: 71 year: 2011/2012. Consideration…, Offeror/promise giving the contract... Offeree/promise, a. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Susan gives Malcolm two suggestions. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Which of the following is the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction? ... What type of law are the subject matter of contracts created in: Definition. Course Hero has thousands of contract Law study resources to help you. Today, you’ll be learning about defenses to enforceability. A lease purchase agreement is one that combines some of the elements of a ________with a lease. A permanent marker installed on the land by a surveyor is called ______. An offer can be communicated by ________. If you hire a mold remediator he must give you _______ no later than 10 days after work is complete. Contracts: Breach of Contract - Chapter Summary and Learning Objectives. 2011/2012 100% (8) Exam May 2018, questions. The key to determining whether a conveyance is voluntary is the absence of force, such as ________. Laws, Rules & Contracts for Real Estate / Practice Exam Exam Instructions: Choose your answers to the questions and click 'Next' to see the next set of questions. * Offer... * Acceptance... * Consideration... * Legal... * Capacity... * Inte…, Precedents are determined by:... A) Stat…, AN AGREEMENT MADE BETWEEN TWO OR MORE PEOPLE/PARTIES THAT CREA…, The party who makes the contractual offer, The party who receives the contractual offer, Statements that stimulate interest and are not capable of acce…, Enter into a Seller's Temporary Residential Lease. We'll review your answers and create a … *NOTE: This page is still currently in development and may only have a small limited number of terms from Law of Contracts… Law of Contracts – Key Terms Use this to practice memorizing and recalling key terms and definitions from the Law of Contracts class. Details. Contract content and meaning. ___________ is often referred to as a meeting of the minds. He can leave the option fee at XYZ Title Company when he drops off the earnest money check, or he can meet up with Susan on Sunday to give her the check. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Common time frames in an escape clause are typically ______. The Sources of Contract Law Traditionally, Contracts was a common law course. Which of the following are defined as tangible chattels? (a) If the buyer terminates the contract, the buyer will be in default because the buyer does not have the unrestricted right to terminate since he did not deliver his option fee on time. Crafted by top legal educators, you can use Quimbee's Contracts multiple-choice questions to prepare for a law school final or the bar exam. An agent must have a working knowledge of contract law because every aspect of the business deals with contracts. On StuDocu you find all the lecture notes, summaries and study guides for this course. In order to comply with the _______, contracts for the conveyance of an interest in real estate or leases for a term of more than one year must be in writing. Price, conditions, and ________ are the essential elements of an option agreement. In a deed, a _______ is a limitation placed on the new owner by the grantor. 1. Sometimes, problems such as duress or lack of capacity may prevent the enforcement of a contract. Contracts. Transactions considered exempt from RESPA include which of the following? Because they are considered an abusive practice, _________ are prohibited by RESPA. Total Cards. Law >> Business Law Exam 3; Shared Flashcard Set. However, most contracts involving real estate must be in writing to be enforceable. (c) Malcolm must find a way to deliver the option fee to Susan or her broker within 3 days of the date on which the contract was executed. Here's why 431,000 law students rely on our essay practice exams: Written by law professors. ______ are man-made additions to the land that are permanent and considered to become part of the land. We'll review your answers and create a … Top-notch customer support. The ______________ is a history or list of all recorded owners of a property all the way back to the sovereignty of the soil. You … Uniform format for all our exams. Contracts with a person who lacks mental capacity can be either void or _____________. (a) No because the contract stipulates that the option fee will be delivered to the seller. An attachment that adds or further describes the rights and duties of the parties is a(n) ______ to a contract. Law. (c) by either the buyer or seller's agent. a legally binding agreement between two or more parties. Contract Law Basics Chapter Exam Take this practice test to check your existing knowledge of the course material. Start studying Real Estate Exam: Law of Contracts. Texas Real Estate Principles 1 Flashcard Maker: Nathan Hernandez. Start with Flashcards BLAW FINAL 149 terms by hsrooney Libel A written or printed communication which injures a person's reputation by disgracing him/her and diminishes the respect in which he/she is held in the community common law most of tort law, contract law and criminal law have their … In that context, a contract may be described as an agreement that the law (the Courts) will enforce. In the TAR® Seller's Disclosure the seller should _______. Business law assignment on Law of Contract (Case Solution) Nasimul Alam Radio station QUES (Station), put an identification tag on a large bass fish it named "BigBertha" and placed it in a nearby lake (the Lake) as a part of a promotional fishing contest.Station advertised the contest during radio broadcasts, but required no formal entry. A _________ may take place when a seller is unable to sell his or her property at or above what the seller owes the lender. What law applies to:... Services... Land... Goods, a contract is a legally enforceable agreement composed of a pr…, damages that cannot be determined by a fixed formula and must…, • common law (state case law) for services;... • common law (stat…, • mutual assent... • consideration... • no defenses to formation ... (#…, Objective approach to agreement, hare skins, Offer must be clear and certain, "may be prepared to sell", Offer must be clear and certain, "I will send you the agreemen…, Chapter 2 - Policy Provisions and Contract Law, - its imposed on defendants engaged in hazardous activities, K = Offer, Acceptance, considerations, legality, and capacity, the concept that parties can agree to almost anything is the e…. Only a _______ may earn a commission and only a _______ may sue to collect a commission. Common Law: Term. The ________ exists for the purchase and sale of existing mortgages to investors. Study B-Law Exam 2 Chapter 9: Contract Formation Flashcards at ProProfs - 54. This introductory MBE prep test consists of 15 multiple choice questions on the law of contracts. Learn vocabulary, terms, and more with flashcards, games, and other study tools. If someone claims interest in the purchaser's property after issuing a title insurance policy, a title company will defend the title under which of the following circumstance? For the first six months of the contract, Hair of the Dog ordered from Pet Products 10 cases of pet food per month. A contract that meets all of the necessary requirements to be enforceable may not necessarily end up actually being enforced. Start studying Blaw exam 2. Find contract Law course notes, answered questions, and contract Law tutors 24/7. Questions 1-4 are based on the following scenario: Malcolm, a buyers' agent, has learned that his client's offer has been accepted and the contract has been executed. The lease that provides an incentive to the landlord to build foot traffic in the center with promotions, events and superior maintenance is known as which of the following? Start studying Law of Contracts - CHAMPIONS TEST. Sign in Register; Law of Contract (PVL3702) ... Sample/practice exam 2012, questions and answers. Use our exams to prepare for the Multistate Essay Examination (MEE). TREC has only _______ promulgated lease forms. 11/23/14 6:18 PM BLAW FINAL flashcards | Quizlet Page 1 of 23 Ready to study? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Topics. In many states, recognized statutory estates include _______. Ownership of real property can be divided among _______. Agreement = Proper author, Proper accepts... 2. Model answers included for every exam. (d) All of these statements are problematic and should not be inserted in the Special Provisions section of the contract, (a) Transactions involving financing are much easier these days because of technology. When two parties draw up a contract, they are usually in agreement of the terms and conditions within that contract. Contracts: Breach of Contract Chapter Exam Take this practice test to check your existing knowledge of the course material. ... Law of Contracts – Key Terms & Definitions; Law of Contracts – Practice Test; Law … 71 pages. Start studying Law of contract practice exam. (b) drafted by the Broker Lawyer Committee. Take quiz. A contract is an oral or written agreement to do or not to do a certain thing. Defenses to enforceability. Two days later, on a Friday, Malcolm is busy showing houses and is trying to arrange a time to give the option fee directly to Susan, the listing agent, to avoid driving to her office on the other side of town. (d) Changes to these details requires a contract amendment. Created by the actions of the parties, not express agreement. He can leave the option fee at XYZ Title Company when he drops off the earnest money check, or he can meet up with Susan on Sunday to give her the check. "Agreements must be served" or enforced if possible. Learn exam 2 contract law with free interactive flashcards. a binding agreement between two or more persons that is enforc…, a decision reached by two or more people or groups, Something of value each party brings to the contract, Named Insured: Paying Premium & Truthful Statements ... Insurance…, It must adhere to the laws of the land. 25 Total MCQs. Level. Which of the following does TREC have promulgated sales contract forms for? What does a real estate agent do with multiple offers on a property? A counteroffer is a two-step process that involves _______. A(n)________is referred to as an action of forcible detainer in most states. The _______ statute provides that the sender's message must contain clear and conspicuous notice that the message is an advertisement or solicitation.. A ________ is a possible polluter who may be held liable under CERCLA for the contamination of a property or resource. c. to put the non-breaching party in the position it would have been in had the contract never been formed. Two days later, on a Friday, Malcolm is busy showing houses and is trying to arrange a time to give the option fee directly to Susan, the listing agent, to avoid driving to her office on the other side of town. Choose from 500 different sets of exam 2 contract law flashcards on Quizlet. Also, the contract required that Hair of the Dog buy its pet food from Pet Products only. Which of the following occurs when a new contract is substituted for an existing one? TREC's residential contract forms, ______, are mandatory for license holders, with few exceptions. Description. As Florida's first law school, Stetson has educated outstanding lawyers, judges and community leaders for more than a century. Check your understanding of contract law and the rules of consideration with an interactive quiz and printable worksheet. Start studying Law of Contracts Practice Exam Champions 2018. The salesperson signs a written contract with the broker stating the salesperson is not an employee. Title. Which of the following is true of an addendum to a contract? 98 Cards – 9 Decks – 193 Learners A measure of the willingness of a borrower to make on-time payments is known as ______. The ________ insures the "USDA loan" or "Section 502 loan". Undergraduate 2. Which of the following is NOT considered a common addenda form? In a ________ a mortgage is an actual transfer of ownership from the borrower to the lender. Susan gives Malcolm two suggestions. 0 Incorrect. 0 Correct. Where these are not appropriate to the question, you may apply the fundamental principles of contract law to … ___________ is something of value given in exchange for a promise. 0 Correct. Choose your answers to the questions and click 'Next' to see the next set of questions. When an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period, ________ occurs. Which of the following is not a requirement of a valid contract? In the transaction process a contract can be delivered to the title company _______. Any contract for more than…, Law of Contracts Practice Exam Champions 2018, A valid contract consists of an offer, acceptance, considerati…, An offer is a manifestation of present contractual intent, com…, An acceptance is an unequivocal assent to the terms of the off…, Legally sufficient, bargained-for-exchange, which induces curr…, party who makes an offer to form a contract, proposal by an offeror to do something, provided the offeree d…. Contract A promise that the law will … A _______ is also known as an option contract where only one party is obligated to perform. Contract law topic 2 - forming a contract, = for £5 a month each 11 sea-hands agreed to work on a sailing…, - an increasing pact needs to be supported by consideration (e…, - Ship sailing to and from Port Philip (Australia) = half the…, - P bought a horse form D for £30 + D have P an oral warranty…, between two or more parties that is enforceable by the court o…, 1. A sewer system b. The main reason(s) for homestead laws include(s): (b) Protection of a creditor's interests in a debtor's property. Many oral contracts are valid and enforceable. In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. Business Law Exam 3. A tenant has the right to match or better any offer the landlord may receive on the property before the property may be sold to someone else in a (n) _______. ... Contracts I Spring 2007 Exam: Contracts I Spring 2007 Answer (3.75) Contracts II Fall 2007 Exam: Contracts II Fall 2007 Answer (4.0) Contracts I Fall 2007 Exam: The T-47 Affidavit must be signed in the presence of a ________. Studying PVL3702 Law of Contract at University of South Africa? A unilateral contract is said to lack __________. 25 Unseen. Which of the following can result in a license revocation or suspension by TREC? Most contr…. Take quiz. The detailed process of evaluating a borrower's loan application, known as ______ ,determines the risk involved for the lender. As in the official MBE test, Revised Article 1 and Article 2 of the Uniform Commercial Code are applicable where appropriate to merchants and the sale of goods. The blank space provided for the special provisions to the contract allows license holders to insert which of the following? Regardless of representation, all buyers should be provided with a(n) _______ disclosure of representation at first contact. Unilateral contracts: Definition. The process by which a lender exercises its power of sale under a mortgage that is in default is known as which of the following? a consideration clause expressed in monetary terms. c. It is an attachment that adds or further describes the rights and duties of the parties. sample decks: formation of the agency relationship & liability of principal for contracts entered into by agents, duties of the agent and the principal to each other & liability of principal for torts of agent (respondeat superior or vicarious liability), formation of a general partnership & management and operation of a general partnership: & financial rights and obligations However, your Contracts course likely involves the study of general principles rather than the law of a particular state. Start studying Texas Law of Contracts - Practice Test. The contract should include a(n) __________ in case there are any title problems that the seller has that could become future problems for the new buyer. A __________ is an employment agreement between the seller and the broker. The Basics of Contract Law Chapter Exam Instructions. If a seller chooses to receive a buyer's earnest money after the buyer defaults on a contract it is known as _______. What is made when a party changes an offer in some way and communicates the change to the other party?
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