Laila Enchante
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Real estate studies

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Laila Enchante
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Contracts (Pennsylvania Real Estate ch. 9)

Contracts (Pennsylvania Real Estate ch. 9)

Pregunta 1 de 30

1

A ____________ is a voluntary agreement between competent parties to perform or refrain from performing some legal act supported by legal consideration.

Selecciona una de las siguientes respuestas posibles:

  • mutual consent

  • contract

  • consideration

  • bilateral contract

Explicación

Pregunta 2 de 30

1

Listing contract, Buyer agency contract, and sales contract are known as _______.

Selecciona una de las siguientes respuestas posibles:

  • Valid

  • Assignment

  • Agreement of sale

  • Contingency

Explicación

Pregunta 3 de 30

1

For a real estate contract to be legal and enforceable real estate contracts must:

Selecciona una o más de las siguientes respuestas posibles:

  • Written and signed as required by the Statute of Frauds, a lease of 3 years duration or less entered into between a landlord and tenant through an oral contract discussion is considered by law to be a binding contract.

  • Legality of object, Specific identification of the property, Competent Parties,

  • Valid and executed

  • Mutual consent - "offer and acceptance", "meeting of the minds", "mutual agreement"

  • Consideration - an exchange of something of value between the parties

  • an express only contract

Explicación

Pregunta 4 de 30

1

an objective within the boundaries of the law

Selecciona una de las siguientes respuestas posibles:

  • Statute of frauds

  • novation

  • Rescission

  • legality of object

Explicación

Pregunta 5 de 30

1

parole evidence rule

Selecciona una de las siguientes respuestas posibles:

  • real estate agents responsibility to keep their clients interest in real property on file.

  • police monitoring properties one a month.

  • that indicates that oral statements cannot be used to change or contradict the term of a clearly written.

  • probation for a buyer who defaults in a contract.

Explicación

Pregunta 6 de 30

1

A contract is ______ meaning legal and enforceable when it contains all the necessary components.

Selecciona una de las siguientes respuestas posibles:

  • valid

  • voidable

  • void

  • default

Explicación

Pregunta 7 de 30

1

A contract is ______ meaning not legal and unenforceable, when it is missing one or more of the necessary components.

Selecciona una de las siguientes respuestas posibles:

  • valid

  • voidable

  • void

  • default

Explicación

Pregunta 8 de 30

1

A contract is called _________ when it cannot be carried out according to the law.

Selecciona una de las siguientes respuestas posibles:

  • voidable

  • unenforceable

  • valid

  • default

Explicación

Pregunta 9 de 30

1

A ______ contract means one that is able to be made void.

Selecciona una de las siguientes respuestas posibles:

  • voidable

  • unenforceable

  • valid

  • default

Explicación

Pregunta 10 de 30

1

In an unilateral contract, when a party promises to do something then the other party has to follow through with the action to the promise.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 11 de 30

1

Bilateral contract

Selecciona una de las siguientes respuestas posibles:

  • is an agreement between two parties in which both parties make promises to do something and each party can enforce the promises of the other party.

  • a contract for the purchase of two plats

  • an agreement between two parties who make promises but only one party has to keep their specific promise.

  • an agreement for the interest of two properties

Explicación

Pregunta 12 de 30

1

is an agreement in which the terms and conditions are clearly stated in words

Selecciona una de las siguientes respuestas posibles:

  • implied contract

  • executory contract

  • executed contract

  • express contract

Explicación

Pregunta 13 de 30

1

is an agreement that is carried out through the actions of a party

Selecciona una de las siguientes respuestas posibles:

  • implied contract

  • executed contract

  • executory contract

  • express contract

Explicación

Pregunta 14 de 30

1

is one in which all the parties have fulfilled their promises, also refers to the signing of a contract

Selecciona una de las siguientes respuestas posibles:

  • implied contract

  • executory contract

  • executed contract

  • express contract

Explicación

Pregunta 15 de 30

1

executory contract

Selecciona una de las siguientes respuestas posibles:

  • cancel the contract

  • is when a party defaults

  • is one in which the parties have entered into the contract and are in the process of fulfilling the contract but have not yet completed all the terms and conditions.

  • is when the parties have not yet signed and agreed to the contract

Explicación

Pregunta 16 de 30

1

"time is of the essence"

Selecciona una de las siguientes respuestas posibles:

  • without the inclusion of a specific time limit, the courts have indicated that a contract needs to be fulfilled within a reasonable period of time.

  • the time period between the interest in real property and the actually agreement of sale, where the buyer has that time limit to back out of the contract.

Explicación

Pregunta 17 de 30

1

The contract term assign means to transfer one's interest over to another party, prior to settlement turn the buying rights over to another party. It allows those lenders to sell the mortgage obtained to a purchaser in the secondary mortgage market.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 18 de 30

1

A novation is a new contract that is used to extinguish and simultaneously replace one or more persons or conditions in an old contract.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 19 de 30

1

The _______ of a contract means the breaking of one or more of the terms of the contract by a party and consequently represents failure to perform.

Selecciona una de las siguientes respuestas posibles:

  • default

  • rescission

  • liquidated damages

  • void

Explicación

Pregunta 20 de 30

1

Also called breach of contract

Selecciona una de las siguientes respuestas posibles:

  • default

  • rescission

  • liquidated damages

  • void

Explicación

Pregunta 21 de 30

1

If the seller defaults on an agreement of sale, the purchaser has the following choices:

Selecciona una o más de las siguientes respuestas posibles:

  • Get the property for FREE! ^.^

  • File suit for "time is of the essence"

  • File a suit for specific performance

  • File a suit for compensatory damages

Explicación

Pregunta 22 de 30

1

Unilaterally cancel the agreement

Selecciona una de las siguientes respuestas posibles:

  • void

  • novation

  • execute

  • rescission

Explicación

Pregunta 23 de 30

1

If purchaser defaults on an agreement of sale, the seller has the following choices:

Selecciona una o más de las siguientes respuestas posibles:

  • file a lawsuit for the purchase price and transfer of the deed

  • suit for compensatory damages

  • rescind the contract

  • accept the earnest money deposit as liquidated damages

  • suit for "time is of the essence"

Explicación

Pregunta 24 de 30

1

In, Pennsylvania the __________ on contracts is fours years from the time of the breach of the contract.

Selecciona una de las siguientes respuestas posibles:

  • contingency

  • statute of frauds

  • statute of limitations

Explicación

Pregunta 25 de 30

1

A______ is a condition in a contract on which the successful performance of the contract by the parties is dependent.

Selecciona una de las siguientes respuestas posibles:

  • contingency

  • statue of frauds

  • statute of limitations

Explicación

Pregunta 26 de 30

1

A ________ provision allows a buyer to legally get out of a binding sale if a mortgage cannot be obtained for the buyer.

Selecciona una de las siguientes respuestas posibles:

  • loan contingency

  • mortgage contingency

  • fee simple contingency

Explicación

Pregunta 27 de 30

1

by agreeing in writing to terminate the contract is by

Selecciona una de las siguientes respuestas posibles:

  • breaching the contract

  • mutual agreement

  • settling it in court

  • asking your mom

Explicación

Pregunta 28 de 30

1

Performance indicates

Selecciona una de las siguientes respuestas posibles:

  • that your in a talent show

  • the contract parties have fulfilled the terms and conditions of the contract and the contract is completed and ended.

  • the contract parties have fulfilled the terms and conditions of the contract but the contract is still active.

  • that you went to try-outs for the talent show

Explicación

Pregunta 29 de 30

1

Confession of judgement

Selecciona una de las siguientes respuestas posibles:

  • It represents a written and voluntary agreement by a debtor to allow the attorney of a creditor to seek a court order for the recovery of a specific amount of money.

  • When a party confesses that they breached the contract.

  • When your pressured by the court and you admit that you wore pull-up diapers until you were the age of ten.

  • when you confess that your actually an adult to the judge and the jury of KND.

Explicación

Pregunta 30 de 30

1

Who is the fourth grade president?

Selecciona una de las siguientes respuestas posibles:

  • Muppy Jenkins

  • Muppy Jenkins..

  • Muppy Jenkins...

  • Muppy the ONE and only jenkins

Explicación

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