Louisiana 45-Hour Salesperson Post-License Course || || || || ||
Exam with accurate detailed answers || || || ||
Obligation - ✔✔A legal relationship in which a person (the obligor) becomes bound to perform in
|| || || || || || || || || || || || || || ||
another person's (the obligee's) favor
|| || || || ||
Contract - ✔✔An agreement between two or more parties that creates, modifies, or extinguishes
|| || || || || || || || || || || || || ||
obligation(s)
Synallagmatic/bilateral contract - ✔✔A contract that obligates both parties || || || || || || || ||
Unilateral contract: A contract that only obligates one party
|| || || || || || || ||
Onerous contract: - ✔✔A contract in which each party obtains an advantage in exchange for what
|| || || || || || || || || || || || || || ||
he or she provides
|| || || ||
Gratuitous contract: - ✔✔A contract in which one party is obligated to do something for the
|| || || || || || || || || || || || || || || ||
other's benefit, but doesn't receive anything in return
|| || || || || || ||
Commutative contract: - ✔✔A contract in which each party's performance depends on the other
|| || || || || || || || || || || || || ||
party's performance
||
Aleatory contract - ✔✔A contract in which performance depends on an uncertain event
|| || || || || || || || || || || ||
Accessory contract: - ✔✔A contract that's made to provide security for the performance of an
|| || || || || || || || || || || || || || ||
obligation
Contract of sale - ✔✔The instrument of conveyance that transfers title
|| || || || || || || || || ||
,Contract to sell - ✔✔A purchase agreement; obligates one party to another party
|| || || || || || || || || || || ||
A real estate sales contract is an example of which three of these types of contracts? -
|| || || || || || || || || || || || || || || || ||
✔✔Synallagmatic, Commutative, Onerous || ||
Error: - ✔✔Error, or mutual mistake, occurs when both parties to a contract are mistaken about
|| || || || || || || || || || || || || || || ||
the same material fact.
|| || ||
Fraud: - ✔✔Fraud occurs when there's an intentional false representation of a material fact (by
|| || || || || || || || || || || || || || ||
words, conduct, or concealment). Its purpose is to deceive another.
|| || || || || || || || ||
Duress: - ✔✔Duress includes the use or threat of force, such as blackmail or bodily harm.
|| || || || || || || || || || || || || || ||
Null: - ✔✔The contract carries no legal force (the performance hasn't been met).
|| || || || || || || || || || || ||
Absolutely null: - ✔✔The contract is illegal or violates a rule of public order.|| || || || || || || || || || || || ||
Relatively Null - ✔✔Fraud or unintentional misrepresentation occurred, or one of the contract
|| || || || || || || || || || || || ||
parties is a minor or incapacitated person. The contract may only be rescinded by the person
|| || || || || || || || || || || || || || || ||
lacking contractual capacity (e.g., the minor) or the person who was wronged.
|| || || || || || || || || || ||
Valid contracts in Louisiana must contain three essential elements: - ✔✔legal capacity, mutual
|| || || || || || || || || || || || ||
consent, and cause. || ||
Married couples that relocate to Louisiana have one year to decide whether they'd like to continue
|| || || || || || || || || || || || || || || ||
living under their previous state's property rights laws. - ✔✔True
|| || || || || || || || ||
Revocable Offers - ✔✔Capable of being rescinded at any point before offeree acceptance, even if
|| || || || || || || || || || || || || || ||
a deadline for acceptance is included in the offer
|| || || || || || || ||
,Irrevocable Offers - ✔✔Cannot be rescinded until after the acceptance deadline
|| || || || || || || || || ||
In most states, irrevocable offers are legal. - ✔✔False
|| || || || || || || ||
In Louisiana, if an offer includes an acceptance deadline, it's irrevocable until that deadline. -
|| || || || || || || || || || || || || || ||
✔✔True
If no deadline is specified, but the offeror has framed an irrevocable offer to give the offeree a
|| || || || || || || || || || || || || || || || || ||
"reasonable time" to consider it, the offer is irrevocable during that time. - ✔✔True
|| || || || || || || || || || || || ||
Irrevocable offers are considered received as soon as they're delivered. - ✔✔True
|| || || || || || || || || || ||
Effective revocation occurs when the offeree receives the revocation after acceptance. - ✔✔False
|| || || || || || || || || || || ||
A written revocation, rejection, or acceptance is considered received when the receiver (or his
|| || || || || || || || || || || || || ||
authorized representative) comes into possession of it. - ✔✔True
|| || || || || || || ||
Authentic Act - ✔✔An authentic act is the official procedure of having a notary and two
|| || || || || || || || || || || || || || || ||
witnesses (in addition to the parties to the transaction) sign a written sale document. The transfer
|| || || || || || || || || || || || || || || ||
is effective for third parties once the sale is recorded in the parish in which the property's located.
|| || || || || || || || || || || || || || || || ||
Act under Private Signature - ✔✔This occurs when a party signs a document without the full
|| || || || || || || || || || || || || || || ||
panel—notary and witnesses—present. If the party later, in front of a notary or court officer,
|| || || || || || || || || || || || || || ||
acknowledges the signature as valid (known as an act under private signature duly || || || || || || || || || || || || ||
acknowledged), it can pass. This practice is rare and can't always be substituted for a full || || || || || || || || || || || || || || || ||
authentic act. ||
An authentic act is the official procedure of having a notary and two witnesses sign a written sale
|| || || || || || || || || || || || || || || || || ||
document. - ✔✔True || ||
, Under the Louisiana state statute of frauds, the transfer of real estate (immovable property) must
|| || || || || || || || || || || || || || ||
be made by authentic act or by act under private signature. - ✔✔True
|| || || || || || || || || || || ||
After an authentic act has occurred, the transfer is immediately effective for third parties. -
|| || || || || || || || || || || || || || ||
✔✔False
Contracts can be implied either by action or by conduct. - ✔✔True || || || || || || || || || || ||
Performance - ✔✔when the parties meet their contractual obligations; the most common method || || || || || || || || || || || || ||
of obligation extinction
|| ||
Impossibility of Performance - ✔✔when the parties can't meet the contract's terms/obligations; || || || || || || || || || || || ||
for example, the property is destroyed
|| || || || ||
Confusion - ✔✔when the obligor and obligee become the same person; civil law grounds for
|| || || || || || || || || || || || || || ||
extinguishing a contract's obligations || || ||
Assignment - ✔✔A new party is substituted for one of the original parties in the contract, but the
|| || || || || || || || || || || || || || || || || ||
original party isn't relieved of liability.|| || || || ||
Novation - ✔✔The original contract is discharged and replaced when one of the original parties is
|| || || || || || || || || || || || || || ||
replaced with a new party.
|| || || || ||
What phrase do many real estate contracts contain that reminds the parties to avoid unnecessary
|| || || || || || || || || || || || || || ||
delays to the transaction, and to adhere to all contract dates? - ✔✔Time is of the essence
|| || || || || || || || || || || || || || || ||
Mary contracted to buy her mother's house when her mother moves to a senior living community,
|| || || || || || || || || || || || || || || ||
but now Mary has to move because of work and no longer wants to buy the house. With their
|| || || || || || || || || || || || || || || || || || ||
mother's agreement, Mary's sister, Tina, steps in, releasing Mary from her obligation. They write
|| || || || || || || || || || || || || ||
up a new contract, with the only change being that Tina is now the party to the contract rather than
|| || || || || || || || || || || || || || || || || || ||
Mary. What's happened here? - ✔✔Novation
|| || || || || ||
Exam with accurate detailed answers || || || ||
Obligation - ✔✔A legal relationship in which a person (the obligor) becomes bound to perform in
|| || || || || || || || || || || || || || ||
another person's (the obligee's) favor
|| || || || ||
Contract - ✔✔An agreement between two or more parties that creates, modifies, or extinguishes
|| || || || || || || || || || || || || ||
obligation(s)
Synallagmatic/bilateral contract - ✔✔A contract that obligates both parties || || || || || || || ||
Unilateral contract: A contract that only obligates one party
|| || || || || || || ||
Onerous contract: - ✔✔A contract in which each party obtains an advantage in exchange for what
|| || || || || || || || || || || || || || ||
he or she provides
|| || || ||
Gratuitous contract: - ✔✔A contract in which one party is obligated to do something for the
|| || || || || || || || || || || || || || || ||
other's benefit, but doesn't receive anything in return
|| || || || || || ||
Commutative contract: - ✔✔A contract in which each party's performance depends on the other
|| || || || || || || || || || || || || ||
party's performance
||
Aleatory contract - ✔✔A contract in which performance depends on an uncertain event
|| || || || || || || || || || || ||
Accessory contract: - ✔✔A contract that's made to provide security for the performance of an
|| || || || || || || || || || || || || || ||
obligation
Contract of sale - ✔✔The instrument of conveyance that transfers title
|| || || || || || || || || ||
,Contract to sell - ✔✔A purchase agreement; obligates one party to another party
|| || || || || || || || || || || ||
A real estate sales contract is an example of which three of these types of contracts? -
|| || || || || || || || || || || || || || || || ||
✔✔Synallagmatic, Commutative, Onerous || ||
Error: - ✔✔Error, or mutual mistake, occurs when both parties to a contract are mistaken about
|| || || || || || || || || || || || || || || ||
the same material fact.
|| || ||
Fraud: - ✔✔Fraud occurs when there's an intentional false representation of a material fact (by
|| || || || || || || || || || || || || || ||
words, conduct, or concealment). Its purpose is to deceive another.
|| || || || || || || || ||
Duress: - ✔✔Duress includes the use or threat of force, such as blackmail or bodily harm.
|| || || || || || || || || || || || || || ||
Null: - ✔✔The contract carries no legal force (the performance hasn't been met).
|| || || || || || || || || || || ||
Absolutely null: - ✔✔The contract is illegal or violates a rule of public order.|| || || || || || || || || || || || ||
Relatively Null - ✔✔Fraud or unintentional misrepresentation occurred, or one of the contract
|| || || || || || || || || || || || ||
parties is a minor or incapacitated person. The contract may only be rescinded by the person
|| || || || || || || || || || || || || || || ||
lacking contractual capacity (e.g., the minor) or the person who was wronged.
|| || || || || || || || || || ||
Valid contracts in Louisiana must contain three essential elements: - ✔✔legal capacity, mutual
|| || || || || || || || || || || || ||
consent, and cause. || ||
Married couples that relocate to Louisiana have one year to decide whether they'd like to continue
|| || || || || || || || || || || || || || || ||
living under their previous state's property rights laws. - ✔✔True
|| || || || || || || || ||
Revocable Offers - ✔✔Capable of being rescinded at any point before offeree acceptance, even if
|| || || || || || || || || || || || || || ||
a deadline for acceptance is included in the offer
|| || || || || || || ||
,Irrevocable Offers - ✔✔Cannot be rescinded until after the acceptance deadline
|| || || || || || || || || ||
In most states, irrevocable offers are legal. - ✔✔False
|| || || || || || || ||
In Louisiana, if an offer includes an acceptance deadline, it's irrevocable until that deadline. -
|| || || || || || || || || || || || || || ||
✔✔True
If no deadline is specified, but the offeror has framed an irrevocable offer to give the offeree a
|| || || || || || || || || || || || || || || || || ||
"reasonable time" to consider it, the offer is irrevocable during that time. - ✔✔True
|| || || || || || || || || || || || ||
Irrevocable offers are considered received as soon as they're delivered. - ✔✔True
|| || || || || || || || || || ||
Effective revocation occurs when the offeree receives the revocation after acceptance. - ✔✔False
|| || || || || || || || || || || ||
A written revocation, rejection, or acceptance is considered received when the receiver (or his
|| || || || || || || || || || || || || ||
authorized representative) comes into possession of it. - ✔✔True
|| || || || || || || ||
Authentic Act - ✔✔An authentic act is the official procedure of having a notary and two
|| || || || || || || || || || || || || || || ||
witnesses (in addition to the parties to the transaction) sign a written sale document. The transfer
|| || || || || || || || || || || || || || || ||
is effective for third parties once the sale is recorded in the parish in which the property's located.
|| || || || || || || || || || || || || || || || ||
Act under Private Signature - ✔✔This occurs when a party signs a document without the full
|| || || || || || || || || || || || || || || ||
panel—notary and witnesses—present. If the party later, in front of a notary or court officer,
|| || || || || || || || || || || || || || ||
acknowledges the signature as valid (known as an act under private signature duly || || || || || || || || || || || || ||
acknowledged), it can pass. This practice is rare and can't always be substituted for a full || || || || || || || || || || || || || || || ||
authentic act. ||
An authentic act is the official procedure of having a notary and two witnesses sign a written sale
|| || || || || || || || || || || || || || || || || ||
document. - ✔✔True || ||
, Under the Louisiana state statute of frauds, the transfer of real estate (immovable property) must
|| || || || || || || || || || || || || || ||
be made by authentic act or by act under private signature. - ✔✔True
|| || || || || || || || || || || ||
After an authentic act has occurred, the transfer is immediately effective for third parties. -
|| || || || || || || || || || || || || || ||
✔✔False
Contracts can be implied either by action or by conduct. - ✔✔True || || || || || || || || || || ||
Performance - ✔✔when the parties meet their contractual obligations; the most common method || || || || || || || || || || || || ||
of obligation extinction
|| ||
Impossibility of Performance - ✔✔when the parties can't meet the contract's terms/obligations; || || || || || || || || || || || ||
for example, the property is destroyed
|| || || || ||
Confusion - ✔✔when the obligor and obligee become the same person; civil law grounds for
|| || || || || || || || || || || || || || ||
extinguishing a contract's obligations || || ||
Assignment - ✔✔A new party is substituted for one of the original parties in the contract, but the
|| || || || || || || || || || || || || || || || || ||
original party isn't relieved of liability.|| || || || ||
Novation - ✔✔The original contract is discharged and replaced when one of the original parties is
|| || || || || || || || || || || || || || ||
replaced with a new party.
|| || || || ||
What phrase do many real estate contracts contain that reminds the parties to avoid unnecessary
|| || || || || || || || || || || || || || ||
delays to the transaction, and to adhere to all contract dates? - ✔✔Time is of the essence
|| || || || || || || || || || || || || || || ||
Mary contracted to buy her mother's house when her mother moves to a senior living community,
|| || || || || || || || || || || || || || || ||
but now Mary has to move because of work and no longer wants to buy the house. With their
|| || || || || || || || || || || || || || || || || || ||
mother's agreement, Mary's sister, Tina, steps in, releasing Mary from her obligation. They write
|| || || || || || || || || || || || || ||
up a new contract, with the only change being that Tina is now the party to the contract rather than
|| || || || || || || || || || || || || || || || || || ||
Mary. What's happened here? - ✔✔Novation
|| || || || || ||
