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Quiz von Eileen Loughlin, aktualisiert more than 1 year ago
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Erstellt von Eileen Loughlin
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Frage 1
Frage
All contracts must be in writing to be enforceable
Antworten
- True
- False
Frage 2
Frage
Consideration is something of legal value offered by one party and accepted by the other as an inducement to act.
Antworten
- True
- False
Frage 3
Frage
In an implied contract, the actual agreement between the parties is inferred from general or vague statements in the written agreement itself.
Antworten
- True
- False
Frage 4
Frage
The difference between a bilateral and unilateral contract is the number of parties involved.
Antworten
- True
- False
Frage 5
Frage
A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.
Antworten
- True
- False
Frage 6
Frage
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.
Antworten
- True
- False
Frage 7
Frage
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.
Antworten
- True
- False
Frage 8
Frage
Pennsylvania's Electronic Transaction Act recognizes an electronic signature as valid with regard to Statute of Frauds requirements
Antworten
- True
- False
Frage 9
Frage
"Time is of the essence" is an implied principle when parties enter into an agreement of sale.
Antworten
- True
- False
Frage 10
Frage
A voluntary, legally enforceable promise between legally competent parties to perform (or refrain from performing) some legal act [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 11
Frage
A contract in which the parties show their intentions in words [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitation
Frage 12
Frage
A contract established by the acts and conduct of the parties [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 13
Frage
A contract in which both parties promise to perform some act [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 14
Frage
A one-sided agreement [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 15
Frage
A contract that has been completely performed [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 16
Frage
the status of a real estate sales contract prior to closing [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 17
Frage
The person who accepts the offer in a contract [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 18
Frage
Complete agreement about the purpose and terms of a contract [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 19
Frage
Something of legal value offered by one party and accepted by another as in inducement to act or refrain from acting [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 20
Frage
State law limiting the time period within which parties to a contract may bring suite to enforce their rights [blank_start]Statute of Limitations[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 21
Frage
the substitution of a new contract ot replace an earlier one [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 22
Frage
A violation of any of the terms or conditions of a contract without legal excuse [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 23
Frage
the transfer of rights or duties under a contract [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 24
Frage
A contract that is without legal force or effect because it lacks one or more essential elements [blank_start]is[blank_end]
Antworten
-
Bilateral contract
-
Consideration
-
Contract
-
Executed contract
-
Executory contract
-
Express contract
-
Implied contract
-
Mutual assent
-
Offeree
-
Unilateral contract
-
Void
-
Assignment
-
Breach
-
Novation
-
Statute of Limitations
Frage 25
Frage
A legally enforceable agreement under which two parties agree to do something for each other is known as
Antworten
-
an Escrow agreement
-
A legal promise
-
A valid contract
-
an option agreement
Frage 26
Frage
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?
Antworten
-
Express
-
Implied
-
Bilateral
-
Unenforceable
Frage 27
Frage
A contract is said to be bilateral if
Antworten
-
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
Frage 28
Frage
During the time after a real estate agreement of sale is signed but before title actually passes, the status of the contract is
Antworten
-
void
-
executory
-
Unilateral
-
enforceable
Frage 29
Frage
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
Antworten
-
voidable
-
executory
-
void
-
enforceable
Frage 30
Frage
The statute of frauds, which requires that a contract be in writing to be enforceable, applies to
Antworten
-
all real estate sales agreements
-
all real estate contracts of any sort
-
all contracts
-
bilateral contracts only
Frage 31
Frage
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
Antworten
-
Partial performance
-
Novation
-
Undue influence
-
Parol evidence.
Frage 32
Frage
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?
Antworten
-
Money damages
-
New contract
-
Deficiency judgement
-
Transfer of the property.
Frage 33
Frage
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
Antworten
-
binding for only 30 more days
-
novated
-
still valid
-
breached.
Frage 34
Frage
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
Antworten
-
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.
Frage 35
Frage
Under the statute of frauds, contracts for the sale of real estate must be
Antworten
-
originated by a real estate broker
-
on preprinted forms
-
in writing to be enforceable
-
accompanied by earnest money deposits.
Frage 36
Frage
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
Antworten
-
assignment
-
substantial performance
-
subordination
-
mutual consent
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