Lesson 10 Quiz – Fundamentals of Contract Law

To be legally enforceable, a valid contract must include

A property owner signed a listing agreement under duress. If the seller contests the legitimacy of the signed contract, the contract may be considered

A seller received an offer from a buyer for $350,000. The seller counter-offered with a different sales price of $375,000. Which statement is true regarding the status of the buyer’s original offer?

Which of the following scenarios is an example of valuable consideration?

A seller induces a buyer to sign a sales contract for the purchase of a house based on the assurance that the property is less than five years old. The buyer wants to rescind the agreement after learning that the building permit proves that the property is over twelve years old. This contract is

Which statute restricts the time period for which an injured party in a contract has the right to rescind or disaffirm the contract?

Contracts to buy, sell, exchange or lease interests in real property must be in writing to be enforceable. This falls under the

The buyer submitted an offer to purchase a three-bedroom home below the asking price. The seller counter-offered with a different purchase price. When the seller gave a counteroffer, the seller became the

A prospective client received a written agreement that included the property price, commission fees, terms, and the designated agent assigned to service the scope of work. This type of contract is known as

A buyer agreed to purchase a property for $250,000, and the seller agreed to sell the property and convey the title at closing. This agreement is known as

Which of the following is an example of an executed contract?

The aggrieved parties in a breached contract elect rescission as their legal remedy. In this situation the contract is

Three days before the closing, the seller decided not to sell the property. In this situation, the buyer may

Which of the following is an example of revocation?

A breach of contract is a failure to perform according to the terms of the agreement. This is called

When a contract states the total amount due to a damaged party in the event of a breach, the compensation is known as

A suit for _________________ is an attempt to force the defaulting party to comply with the terms of the contract

A forfeiture requires the breaching party to give up something, according to the terms of the contract. For example,

To be legally enforceable, a valid contract must include

A property owner signed a listing agreement under duress. If the seller contests the legitimacy of the signed contract, the contract may be considered

A seller received an offer from a buyer for $350,000. The seller counter-offered with a different sales price of $375,000. Which statement is true regarding the status of the buyer’s original offer?

Which of the following scenarios is an example of valuable consideration?

A seller induces a buyer to sign a sales contract for the purchase of a house based on the assurance that the property is less than five years old. The buyer wants to rescind the agreement after learning that the building permit proves that the property is over twelve years old. This contract is

Which statute restricts the time period for which an injured party in a contract has the right to rescind or disaffirm the contract?

Contracts to buy, sell, exchange or lease interests in real property must be in writing to be enforceable. This falls under the

The buyer submitted an offer to purchase a three-bedroom home below the asking price. The seller counter-offered with a different purchase price. When the seller gave a counteroffer, the seller became the

A prospective client received a written agreement that included the property price, commission fees, terms, and the designated agent assigned to service the scope of work. This type of contract is known as

A buyer agreed to purchase a property for $250,000, and the seller agreed to sell the property and convey the title at closing. This agreement is known as

Which of the following is an example of an executed contract?

The aggrieved parties in a breached contract elect rescission as their legal remedy. In this situation the contract is

Three days before the closing, the seller decided not to sell the property. In this situation, the buyer may

Which of the following is an example of revocation?

A breach of contract is a failure to perform according to the terms of the agreement. This is called

When a contract states the total amount due to a damaged party in the event of a breach, the compensation is known as

A suit for _________________ is an attempt to force the defaulting party to comply with the terms of the contract

A forfeiture requires the breaching party to give up something, according to the terms of the contract. For example,

Which of the following conditions terminates a contract?

If the parties wish to create a new contract to replace a canceled contract, they must comply with the validity requirements for the new contract. Such substitution is called

If a seller changes the expiration date of a buyer’s offer by one day, signs the offer and returns it to the buyer, which of the following statements is true?

Any of the following actions or circumstances can terminate an offer EXCEPT

Which of the following statements is true regarding the assignment of a contract?

Electronic contracting is made possible by which of the following federal laws?

Which of the following statements is true regarding the laws that regulate the actions of real estate licensees?