TEXAS PROMULGATED CONTRACTS EXAM
STUDY GUIDE 2026 PRACTICE QUESTIONS
WITH FULL SOLUTION GRADED A+
◉ A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: A
◉ A contract that cannot be enforced due to some flaw or other
issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: E
,◉ Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: C
◉ A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: B
◉ The five essential elements that must exist for a real estate sales
contract to be considered valid and enforceable are: legal purpose,
competent parties, mutual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
,c. Acknowledgment by a notary
d. Recording in county clerk's office. Answer: B
◉ If a contract has been entered into with a person who has been
judged to be incompetent, that contract is considered _________________
because that person never had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void. Answer: D
◉ ________________ is defined as something given in exchange for a
promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties. Answer: C
◉ A buyer who has the right to purchase a property at a preset price
and terms for a period of time has a(n) ______________.
, a. Option
b. Novation
c. Bilateral contract
d. Deed. Answer: A
◉ A(n) _______________ contract is defined as a contract that is binding
on the parties, with one or more of the parties having contractual
duties that have not yet been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void. Answer: A
◉ In Texas, the statute of limitations is ____________ for an oral
agreement.
a. Four years
b. Two years
c. Eight years
d. Six years. Answer: B
STUDY GUIDE 2026 PRACTICE QUESTIONS
WITH FULL SOLUTION GRADED A+
◉ A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: A
◉ A contract that cannot be enforced due to some flaw or other
issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: E
,◉ Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: C
◉ A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract. Answer: B
◉ The five essential elements that must exist for a real estate sales
contract to be considered valid and enforceable are: legal purpose,
competent parties, mutual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
,c. Acknowledgment by a notary
d. Recording in county clerk's office. Answer: B
◉ If a contract has been entered into with a person who has been
judged to be incompetent, that contract is considered _________________
because that person never had the capacity to enter into it.
a. Executed
b. Valid
c. Voidable
d. Void. Answer: D
◉ ________________ is defined as something given in exchange for a
promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties. Answer: C
◉ A buyer who has the right to purchase a property at a preset price
and terms for a period of time has a(n) ______________.
, a. Option
b. Novation
c. Bilateral contract
d. Deed. Answer: A
◉ A(n) _______________ contract is defined as a contract that is binding
on the parties, with one or more of the parties having contractual
duties that have not yet been performed.
a. Executory
b. Fully executed
c. Bilateral
d. Void. Answer: A
◉ In Texas, the statute of limitations is ____________ for an oral
agreement.
a. Four years
b. Two years
c. Eight years
d. Six years. Answer: B
