1 of 25 - What are described as the legal agreements that underlie the transfer and financing of real estate, as well as the real estate brokerage business?
Property contracts
Real estate contracts
Legal contracts
Performance agreements
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2 of 25 - What do many states have that protects consumers who enter into the types of contracts in which fraud is most likely to occur?
Consumer law
Common law
The Statute of Frauds
The Breach of Performance
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3 of 25 - What type of contract is one in which all the terms and conditions of the agreement have been clearly stated and agreed to by all parties, whether verbally or in writing?
An executed contract
An implied contract
An express contract
A bilateral contract
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4 of 25 - What type of contingency gives the buyer time to apply for and obtain financing?
A Preliminary Title Contingency
A Buyer Financing Contingency
A Sale of Buyer's Property Contingency
A Home Inspection Contingency
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5 of 25 - What type of contract is one that cannot be fully understood because important terms are missing?
An indefinite contract
An inferred contract
An ambiguous contract
A presumed contract
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6 of 25 - A meeting of the minds where parties freely agree to the terms of a contract, exactly as the contract is written, is called
separate assent.
reciprocal agreement.
bilateral assent.
mutual assent.
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7 of 25 - What consists of both common law and statutory rules that govern the creation, interpretation, and enforcement of contracts?
Common law
Statute law
Contract law
Civil law
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8 of 25 - What type of performance describes when a defendant has failed to complete performance of an agreement according to its terms and where the plaintiff may recover damages to compensate him or her to the same extent as though the contract had been completely performed?
Sufficient performance
Partial performance
Defective performance
Residual performance
You answered incorrectly
Partial performance occurs when a defendant has failed to complete performance of an agreement according to its terms.
9 of 25 - What restricts the time period for which an injured party in a contract has the right to bring a lawsuit against the other party?
The Statute of Frauds
An exclusion clause
A limitation clause
The Statute of Limitations
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10 of 25 - What type of contract is one that has been fully performed and fulfilled?
An open contract
An executory contract
An executed contract
An indefinite contract
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11 of 25 - The full consent of all parties to a contract is called
memorandum of understanding.
cooperative agreement.
mutual agreement.
service agreement.
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12 of 25 - If a contingency was not met by the date outlined in the contingency, the contract is
abdicated.
revised.
waived.
void.
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13 of 25 - What term describes the exchange of promises offered by one party to another to do or not to do something?
Deliberation
Application
Omission
Consideration
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14 of 25 - What type of suit is an attempt to force the defaulting party to comply with the terms of the contract?
A suit for damages
Rescission
A suit for specific performance
Forfeiture
You answered incorrectly
A suit for specific performance is an attempt to force the defaulting party to comply with the terms of the contract.
15 of 25 - What type of contract describes a sales contract prior to closing?
An executed contract
An implied contract
An express contract
An executory contract
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16 of 25 - At least how many people are needed to form a bilateral contract?
1
2
4
0
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17 of 25 - Discharging a contract by mutual agreement is called
rescission.
initiation.
revocation.
retraction.
You answered incorrectly
Discharging a contract by mutual agreement is called rescission. Rescinding a contract occurs when all parties to a contract agree that the contract is null and void.
18 of 25 - Real estate contracts aren't enforceable unless the parties have exchanged something of value called
commerce.
consideration.
interchange.
transposition.
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19 of 25 - What should every contingency have so that there is "reasonable time" for the fulfillment of the contingency?
Limitations of liability
Selling restrictions
A specific deadline
A clear description
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20 of 25 - What describes a failure to perform according to the terms of an agreement?
Failure of privilege
Breach of contract
Failure of performance
Breach of faith
You answered incorrectly
A breach of contract is a failure to perform according to the terms of the agreement. Also called default, a breach of contract gives the damaged party the right to take legal action.
21 of 25 - What type of contract is one in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party?
An express contract
A unilateral contract
An implied contract
A bilateral contract
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22 of 25 - Which one of these contracts is a unilateral agreement?
An Independent Contractor Agreement
A Listing Agreement
An Option to Purchase
A Buyer Representation Agreement
You answered incorrectly
Unilateral contracts are one sided. In a unilateral contract, a promise on one side is exchanged for an act or forbearance on the other side. An option to purchase is unilateral.
23 of 25 - In contract language, what means to do what one agreed to do?
Action
Performance
Exchange
Attainment
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24 of 25 - What term describes when damages were within the contemplation of the contract when made?
Accountability
Computability
Predictability
Foreseeability
You answered incorrectly
Foreseeability means such damages were within the contemplation of the contract when made.
25 of 25 - What term describes the failure to do something required by law or duty?
