Eileen Loughlin
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ICFES/Saber 11 Real Estate Test sobre Chapter 11 - Principals of Contract Law, creado por Eileen Loughlin el 17/11/2015.

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Eileen Loughlin
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Chapter 11 - Principals of Contract Law

Pregunta 1 de 36

1

All contracts must be in writing to be enforceable

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 2 de 36

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 3 de 36

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 4 de 36

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

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A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 6 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 7 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 8 de 36

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 9 de 36

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 10 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 11 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 12 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 13 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 14 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 15 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 16 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 17 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 18 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 19 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 20 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 21 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 22 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 23 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 24 de 36

1

Selecciona la opción correcta del menú desplegable para completar el texto.

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 )

Explicación

Pregunta 25 de 36

1

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

Selecciona una de las siguientes respuestas posibles:

  • an Escrow agreement

  • A legal promise

  • A valid contract

  • an option agreement

Explicación

Pregunta 26 de 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?

Selecciona una de las siguientes respuestas posibles:

  • Express

  • Implied

  • Bilateral

  • Unenforceable

Explicación

Pregunta 27 de 36

1

A contract is said to be bilateral if

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 28 de 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

Selecciona una de las siguientes respuestas posibles:

  • void

  • executory

  • Unilateral

  • enforceable

Explicación

Pregunta 29 de 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

Selecciona una de las siguientes respuestas posibles:

  • voidable

  • executory

  • void

  • enforceable

Explicación

Pregunta 30 de 36

1

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

Selecciona una de las siguientes respuestas posibles:

  • all real estate sales agreements

  • all real estate contracts of any sort

  • all contracts

  • bilateral contracts only

Explicación

Pregunta 31 de 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

Selecciona una de las siguientes respuestas posibles:

  • Partial performance

  • Novation

  • Undue influence

  • Parol evidence.

Explicación

Pregunta 32 de 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?

Selecciona una de las siguientes respuestas posibles:

  • Money damages

  • New contract

  • Deficiency judgement

  • Transfer of the property.

Explicación

Pregunta 33 de 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

Selecciona una de las siguientes respuestas posibles:

  • binding for only 30 more days

  • novated

  • still valid

  • breached.

Explicación

Pregunta 34 de 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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 35 de 36

1

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

Selecciona una de las siguientes respuestas posibles:

  • originated by a real estate broker

  • on preprinted forms

  • in writing to be enforceable

  • accompanied by earnest money deposits.

Explicación

Pregunta 36 de 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

Selecciona una de las siguientes respuestas posibles:

  • assignment

  • substantial performance

  • subordination

  • mutual consent

Explicación

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