Eileen Loughlin
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ICFES/Saber 11 Real Estate Quiz am Chapter 11 - Principals of Contract Law, erstellt von Eileen Loughlin am 17/11/2015.

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Eileen Loughlin
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Chapter 11 - Principals of Contract Law

Frage 1 von 36

1

All contracts must be in writing to be enforceable

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 2 von 36

1

Consideration is something of legal value offered by one party and accepted by the other as an inducement to act.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 3 von 36

1

In an implied contract, the actual agreement between the parties is inferred from general or vague statements in the written agreement itself.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 4 von 36

1

The difference between a bilateral and unilateral contract is the number of parties involved.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 5 von 36

1

A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 6 von 36

1

A contract entered into by a person medically diagnosed as mentally ill is voidable during the illness and for some time after the individual is cured.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 7 von 36

1

Assignment, is the substitution of a new contract in place or the original one, while novation is a transfer of rights or duties under a contract.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 8 von 36

1

Pennsylvania's Electronic Transaction Act recognizes an electronic signature as valid with regard to Statute of Frauds requirements

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 9 von 36

1

"Time is of the essence" is an implied principle when parties enter into an agreement of sale.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 10 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A voluntary, legally enforceable promise between legally competent parties to perform (or refrain from performing) some legal act ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 11 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A contract in which the parties show their intentions in words ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitation )

Erklärung

Frage 12 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A contract established by the acts and conduct of the parties ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 13 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A contract in which both parties promise to perform some act ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 14 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A one-sided agreement ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 15 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A contract that has been completely performed ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 16 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

the status of a real estate sales contract prior to closing ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 17 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

The person who accepts the offer in a contract ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 18 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

Complete agreement about the purpose and terms of a contract ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 19 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

Something of legal value offered by one party and accepted by another as in inducement to act or refrain from acting ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 20 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

State law limiting the time period within which parties to a contract may bring suite to enforce their rights ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 21 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

the substitution of a new contract ot replace an earlier one ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 22 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A violation of any of the terms or conditions of a contract without legal excuse ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 23 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

the transfer of rights or duties under a contract ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 24 von 36

1

Wähle von der Aufklappliste, um den Text zu vervollständigen.

A contract that is without legal force or effect because it lacks one or more essential elements ( Bilateral contract, Consideration, Contract, Executed contract, Executory contract, Express contract, Implied contract, Mutual assent, Offeree, Unilateral contract, Void, Assignment, Breach, Novation, Statute of Limitations )

Erklärung

Frage 25 von 36

1

A legally enforceable agreement under which two parties agree to do something for each other is known as

Wähle eine der folgenden:

  • an Escrow agreement

  • A legal promise

  • A valid contract

  • an option agreement

Erklärung

Frage 26 von 36

1

A person approaches an owner and says, "I'd like to buy your house." The owner says, "Sure," and they agree to a price. What kind of contract is this?

Wähle eine der folgenden:

  • Express

  • Implied

  • Bilateral

  • Unenforceable

Erklärung

Frage 27 von 36

1

A contract is said to be bilateral if

Wähle eine der folgenden:

  • one of the parties is a minor

  • the contract has yet to be fully performed

  • only one party to the agreement is bound to act

  • all parties to the contract are bound to act

Erklärung

Frage 28 von 36

1

During the time after a real estate agreement of sale is signed but before title actually passes, the status of the contract is

Wähle eine der folgenden:

  • void

  • executory

  • Unilateral

  • enforceable

Erklärung

Frage 29 von 36

1

A contract for the sale of real estate that does not state the consideration to be paid for the property and is not signed by the parties is considered

Wähle eine der folgenden:

  • voidable

  • executory

  • void

  • enforceable

Erklärung

Frage 30 von 36

1

The statute of frauds, which requires that a contract be in writing to be enforceable, applies to

Wähle eine der folgenden:

  • all real estate sales agreements

  • all real estate contracts of any sort

  • all contracts

  • bilateral contracts only

Erklärung

Frage 31 von 36

1

The buyer asks the seller to leave the washing machine. The seller said yes, but because the agreement of sale said nothing about the seller's leaving the washing machine, the seller took it with her. The buyer has no right to legal recourse because of the rule of

Wähle eine der folgenden:

  • Partial performance

  • Novation

  • Undue influence

  • Parol evidence.

Erklärung

Frage 32 von 36

1

A buyer and seller sign a contract to purchase. The seller backs out, and the buyer sues for specific performance. What is the buyer seeking in this lawsuit?

Wähle eine der folgenden:

  • Money damages

  • New contract

  • Deficiency judgement

  • Transfer of the property.

Erklärung

Frage 33 von 36

1

If a real estate sales contract states that time is of the essence and the stipulated date of transfer comes and goes without a closing, the contract

Wähle eine der folgenden:

  • binding for only 30 more days

  • novated

  • still valid

  • breached.

Erklärung

Frage 34 von 36

1

In filling out a sales contract, someone crossed out several words and inserted others. To eliminate future controversy about whether the changes were made before or after the contract was signed, the usual procedure is to

Wähle eine der folgenden:

  • write a letter to each party listing the changes

  • have each party write a letter to the other approving the changes

  • redcaw the entire contract

  • have both parties initial or sign and date the margin near the change.

Erklärung

Frage 35 von 36

1

Under the statute of frauds, contracts for the sale of real estate must be

Wähle eine der folgenden:

  • originated by a real estate broker

  • on preprinted forms

  • in writing to be enforceable

  • accompanied by earnest money deposits.

Erklärung

Frage 36 von 36

1

A man has an executory contract to buy property but would rather let his friend buy it instead. If the contract allows, the friend can take over the man's obligation by the process known as

Wähle eine der folgenden:

  • assignment

  • substantial performance

  • subordination

  • mutual consent

Erklärung

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