Eileen Loughlin
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ICFES/Saber 11 Real Estate Quiz on Chapter 11 - Principals of Contract Law, created by Eileen Loughlin on 17/11/2015.

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Eileen Loughlin
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Chapter 11 - Principals of Contract Law

Chapter 11 - Principals of Contract Law

Question 1 of 36

1

All contracts must be in writing to be enforceable

Select one of the following:

  • True
  • False

Explanation

Question 2 of 36

1

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

Select one of the following:

  • True
  • False

Explanation

Question 3 of 36

1

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

Select one of the following:

  • True
  • False

Explanation

Question 4 of 36

1

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

Select one of the following:

  • True
  • False

Explanation

Question 5 of 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A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.

Select one of the following:

  • True
  • False

Explanation

Question 6 of 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.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 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.

Select one of the following:

  • True
  • False

Explanation

Question 8 of 36

1

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

Select one of the following:

  • True
  • False

Explanation

Question 9 of 36

1

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

Select one of the following:

  • True
  • False

Explanation

Question 10 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 11 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 12 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 13 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 14 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 15 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 16 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 17 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 18 of 36

1

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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 )

Explanation

Question 19 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 20 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 21 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 22 of 36

1

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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 )

Explanation

Question 23 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 24 of 36

1

Select from the dropdown list to complete the text.

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 )

Explanation

Question 25 of 36

1

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

Select one of the following:

  • an Escrow agreement

  • A legal promise

  • A valid contract

  • an option agreement

Explanation

Question 26 of 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?

Select one of the following:

  • Express

  • Implied

  • Bilateral

  • Unenforceable

Explanation

Question 27 of 36

1

A contract is said to be bilateral if

Select one of the following:

  • 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

Explanation

Question 28 of 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

Select one of the following:

  • void

  • executory

  • Unilateral

  • enforceable

Explanation

Question 29 of 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

Select one of the following:

  • voidable

  • executory

  • void

  • enforceable

Explanation

Question 30 of 36

1

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

Select one of the following:

  • all real estate sales agreements

  • all real estate contracts of any sort

  • all contracts

  • bilateral contracts only

Explanation

Question 31 of 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

Select one of the following:

  • Partial performance

  • Novation

  • Undue influence

  • Parol evidence.

Explanation

Question 32 of 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?

Select one of the following:

  • Money damages

  • New contract

  • Deficiency judgement

  • Transfer of the property.

Explanation

Question 33 of 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

Select one of the following:

  • binding for only 30 more days

  • novated

  • still valid

  • breached.

Explanation

Question 34 of 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

Select one of the following:

  • 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.

Explanation

Question 35 of 36

1

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

Select one of the following:

  • originated by a real estate broker

  • on preprinted forms

  • in writing to be enforceable

  • accompanied by earnest money deposits.

Explanation

Question 36 of 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

Select one of the following:

  • assignment

  • substantial performance

  • subordination

  • mutual consent

Explanation

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