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Contracts (Pennsylvania Real Estate ch. 9)

Description

Real estate studies
Laila Enchante
Quiz by Laila Enchante, updated more than 1 year ago
Laila Enchante
Created by Laila Enchante over 9 years ago
147
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Resource summary

Question 1

Question
A ____________ is a voluntary agreement between competent parties to perform or refrain from performing some legal act supported by legal consideration.
Answer
  • mutual consent
  • contract
  • consideration
  • bilateral contract

Question 2

Question
Listing contract, Buyer agency contract, and sales contract are known as _______.
Answer
  • Valid
  • Assignment
  • Agreement of sale
  • Contingency

Question 3

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

Question 4

Question
an objective within the boundaries of the law
Answer
  • Statute of frauds
  • novation
  • Rescission
  • legality of object

Question 5

Question
parole evidence rule
Answer
  • 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.

Question 6

Question
A contract is ______ meaning legal and enforceable when it contains all the necessary components.
Answer
  • valid
  • voidable
  • void
  • default

Question 7

Question
A contract is ______ meaning not legal and unenforceable, when it is missing one or more of the necessary components.
Answer
  • valid
  • voidable
  • void
  • default

Question 8

Question
A contract is called _________ when it cannot be carried out according to the law.
Answer
  • voidable
  • unenforceable
  • valid
  • default

Question 9

Question
A ______ contract means one that is able to be made void.
Answer
  • voidable
  • unenforceable
  • valid
  • default

Question 10

Question
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.
Answer
  • True
  • False

Question 11

Question
Bilateral contract
Answer
  • 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

Question 12

Question
is an agreement in which the terms and conditions are clearly stated in words
Answer
  • implied contract
  • executory contract
  • executed contract
  • express contract

Question 13

Question
is an agreement that is carried out through the actions of a party
Answer
  • implied contract
  • executed contract
  • executory contract
  • express contract

Question 14

Question
is one in which all the parties have fulfilled their promises, also refers to the signing of a contract
Answer
  • implied contract
  • executory contract
  • executed contract
  • express contract

Question 15

Question
executory contract
Answer
  • 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

Question 16

Question
"time is of the essence"
Answer
  • 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.

Question 17

Question
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.
Answer
  • True
  • False

Question 18

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

Question 19

Question
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.
Answer
  • default
  • rescission
  • liquidated damages
  • void

Question 20

Question
Also called breach of contract
Answer
  • default
  • rescission
  • liquidated damages
  • void

Question 21

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

Question 22

Question
Unilaterally cancel the agreement
Answer
  • void
  • novation
  • execute
  • rescission

Question 23

Question
If purchaser defaults on an agreement of sale, the seller has the following choices:
Answer
  • 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"

Question 24

Question
In, Pennsylvania the __________ on contracts is fours years from the time of the breach of the contract.
Answer
  • contingency
  • statute of frauds
  • statute of limitations

Question 25

Question
A______ is a condition in a contract on which the successful performance of the contract by the parties is dependent.
Answer
  • contingency
  • statue of frauds
  • statute of limitations

Question 26

Question
A ________ provision allows a buyer to legally get out of a binding sale if a mortgage cannot be obtained for the buyer.
Answer
  • loan contingency
  • mortgage contingency
  • fee simple contingency

Question 27

Question
by agreeing in writing to terminate the contract is by
Answer
  • breaching the contract
  • mutual agreement
  • settling it in court
  • asking your mom

Question 28

Question
Performance indicates
Answer
  • 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

Question 29

Question
Confession of judgement
Answer
  • 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.

Question 30

Question
Who is the fourth grade president?
Answer
  • Muppy Jenkins
  • Muppy Jenkins..
  • Muppy Jenkins...
  • Muppy the ONE and only jenkins
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