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Chapter 11 - Principals of Contract Law

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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.
Eileen Loughlin
Quiz by Eileen Loughlin, updated more than 1 year ago
Eileen Loughlin
Created by Eileen Loughlin about 9 years ago
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Resource summary

Question 1

Question
All contracts must be in writing to be enforceable
Answer
  • True
  • False

Question 2

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

Question 3

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

Question 4

Question
The difference between a bilateral and unilateral contract is the number of parties involved.
Answer
  • True
  • False

Question 5

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A contract that may be rescinded or disaffirmed by one or both parties based on some legal principal is void, even though it may appear to be valid.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

Question 6

Question
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.
Answer
  • True
  • False

Question 7

Question
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.
Answer
  • True
  • False

Question 8

Question
Pennsylvania's Electronic Transaction Act recognizes an electronic signature as valid with regard to Statute of Frauds requirements
Answer
  • True
  • False

Question 9

Question
"Time is of the essence" is an implied principle when parties enter into an agreement of sale.
Answer
  • True
  • False

Question 10

Question
A voluntary, legally enforceable promise between legally competent parties to perform (or refrain from performing) some legal act [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 11

Question
A contract in which the parties show their intentions in words [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitation

Question 12

Question
A contract established by the acts and conduct of the parties [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 13

Question
A contract in which both parties promise to perform some act [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 14

Question
A one-sided agreement [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 15

Question
A contract that has been completely performed [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 16

Question
the status of a real estate sales contract prior to closing [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 17

Question
The person who accepts the offer in a contract [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 18

Question
Complete agreement about the purpose and terms of a contract [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 19

Question
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]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 20

Question
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]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 21

Question
the substitution of a new contract ot replace an earlier one [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 22

Question
A violation of any of the terms or conditions of a contract without legal excuse [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 23

Question
the transfer of rights or duties under a contract [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 24

Question
A contract that is without legal force or effect because it lacks one or more essential elements [blank_start]is[blank_end]
Answer
  • Bilateral contract
  • Consideration
  • Contract
  • Executed contract
  • Executory contract
  • Express contract
  • Implied contract
  • Mutual assent
  • Offeree
  • Unilateral contract
  • Void
  • Assignment
  • Breach
  • Novation
  • Statute of Limitations

Question 25

Question
A legally enforceable agreement under which two parties agree to do something for each other is known as
Answer
  • an Escrow agreement
  • A legal promise
  • A valid contract
  • an option agreement

Question 26

Question
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?
Answer
  • Express
  • Implied
  • Bilateral
  • Unenforceable

Question 27

Question
A contract is said to be bilateral if
Answer
  • 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

Question 28

Question
During the time after a real estate agreement of sale is signed but before title actually passes, the status of the contract is
Answer
  • void
  • executory
  • Unilateral
  • enforceable

Question 29

Question
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
Answer
  • voidable
  • executory
  • void
  • enforceable

Question 30

Question
The statute of frauds, which requires that a contract be in writing to be enforceable, applies to
Answer
  • all real estate sales agreements
  • all real estate contracts of any sort
  • all contracts
  • bilateral contracts only

Question 31

Question
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
Answer
  • Partial performance
  • Novation
  • Undue influence
  • Parol evidence.

Question 32

Question
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?
Answer
  • Money damages
  • New contract
  • Deficiency judgement
  • Transfer of the property.

Question 33

Question
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
Answer
  • binding for only 30 more days
  • novated
  • still valid
  • breached.

Question 34

Question
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
Answer
  • 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.

Question 35

Question
Under the statute of frauds, contracts for the sale of real estate must be
Answer
  • originated by a real estate broker
  • on preprinted forms
  • in writing to be enforceable
  • accompanied by earnest money deposits.

Question 36

Question
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
Answer
  • assignment
  • substantial performance
  • subordination
  • mutual consent
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