1|Page
RealEstateU- Texas Promulgated Contract Forms
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Complete Real Exam Questions And Correct Answers
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To have no force or effect is referred to as a ..........
contract? - Answer-Void
That which is capable of being adjusted void, but is not
unless action is taken to make it so, is referred to as a/an
............ contract? - Answer-Voidable
In order to be considered a competent party, an individual
must be of the age of the? - Answer-Majority
A contract in which one of the parties is a minor is
considered a - Answer-Voidable contract
A contract in which there is fraud by either commission or
omission is voidable by the? - Answer-Non-fraudulent
party
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A contract in which each party promises to do something
is referred to as a - Answer-Bilateral contract
When one party promises to do something if the other
party performs a certain act, but the other party does not
promise to perform it, it is referred to as a? - Answer-
Unilateral contract
An options contract is an example of a/an? - Answer-
Unilateral contract
Which of the following is an example of a bilateral
contract? - Answer-Listing contract, sales contract, and
independent contractor agreement
What is an amendment? - Answer-A change in a legal
document made by adding, altering, or omitting a certain
part or term
What is an addendum? - Answer-Additional pages of
material that are added to and become part of a contract
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What is an assingment? - Answer-A transfer of benefits
and obligations within a contract to a 3rd party who is not
originally a party to the contract
What is novation? - Answer-The substitution or exchange
of a new obligation or contract for an old one by the
mutual agreement of the parties
The execution of a contract by which the contracting
parties are automatically discharged of their obligations
under it is known as...? - Answer-Performance
Which of the following is an example of consideration? -
Answer-Money, personal services, cash
A State law requiring certain contracts to be in writing and
signed before they will be enforceable at law is known as
the? - Answer-Statute of Frauds
Which of the following is an example of a forbearance
contract? - Answer-Options contract
A valid contract must be ______ and enforceable? -
Answer-Binding
, 4|Page
Which of the following real estate contracts does not have
to be in writing? - Answer-Leases under one year
If one of the parties to a contract does not voluntarily
agree to the contract, this element of valid contract is
violated? - Answer-Mutual agreement
An assignment can occur when a contract is? - Answer-
Executory
Which of the following may be used as an alternative to
novation? - Answer-Amend the existing contract
What is the Statue of Limitations? - Answer-A law
establishing the time period within which certain lawsuits
may be brought
What is Breach of Contract? - Answer-A violation of any of
the terms or conditions of a contract without legal reason.
RealEstateU- Texas Promulgated Contract Forms
||Verified Exam!!!|| Most Recent Exam 2026 Actual
Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ | Assured
Success!! Newest Exam!!!
To have no force or effect is referred to as a ..........
contract? - Answer-Void
That which is capable of being adjusted void, but is not
unless action is taken to make it so, is referred to as a/an
............ contract? - Answer-Voidable
In order to be considered a competent party, an individual
must be of the age of the? - Answer-Majority
A contract in which one of the parties is a minor is
considered a - Answer-Voidable contract
A contract in which there is fraud by either commission or
omission is voidable by the? - Answer-Non-fraudulent
party
,2|Page
A contract in which each party promises to do something
is referred to as a - Answer-Bilateral contract
When one party promises to do something if the other
party performs a certain act, but the other party does not
promise to perform it, it is referred to as a? - Answer-
Unilateral contract
An options contract is an example of a/an? - Answer-
Unilateral contract
Which of the following is an example of a bilateral
contract? - Answer-Listing contract, sales contract, and
independent contractor agreement
What is an amendment? - Answer-A change in a legal
document made by adding, altering, or omitting a certain
part or term
What is an addendum? - Answer-Additional pages of
material that are added to and become part of a contract
,3|Page
What is an assingment? - Answer-A transfer of benefits
and obligations within a contract to a 3rd party who is not
originally a party to the contract
What is novation? - Answer-The substitution or exchange
of a new obligation or contract for an old one by the
mutual agreement of the parties
The execution of a contract by which the contracting
parties are automatically discharged of their obligations
under it is known as...? - Answer-Performance
Which of the following is an example of consideration? -
Answer-Money, personal services, cash
A State law requiring certain contracts to be in writing and
signed before they will be enforceable at law is known as
the? - Answer-Statute of Frauds
Which of the following is an example of a forbearance
contract? - Answer-Options contract
A valid contract must be ______ and enforceable? -
Answer-Binding
, 4|Page
Which of the following real estate contracts does not have
to be in writing? - Answer-Leases under one year
If one of the parties to a contract does not voluntarily
agree to the contract, this element of valid contract is
violated? - Answer-Mutual agreement
An assignment can occur when a contract is? - Answer-
Executory
Which of the following may be used as an alternative to
novation? - Answer-Amend the existing contract
What is the Statue of Limitations? - Answer-A law
establishing the time period within which certain lawsuits
may be brought
What is Breach of Contract? - Answer-A violation of any of
the terms or conditions of a contract without legal reason.
