CHAMPIONS PROMULGATED CONTRACT
FORMS PRACTICE SOLUTION 2026 COMPLETE
QUESTIONS CORRECT RESPONSES
◉ unilateral contract. Answer: a contract in which only one party is
obligated to perform
◉ unenforceable contract. Answer: a contract that cannot be
enforced due to some flaw or other issue in the contract
◉ elements of a valid and enforceable contract. Answer: COLIC
(competent parties, offer and acceptance, legal purpose, in writing,
consideration)
◉ amendment. Answer: changes to the contract; common ones
include changes to the closing date, changes to the sales price, down
payment or amount finances, repairs the the seller agrees to
perform, removal or waiver of contingencies
◉ addenda. Answer: an attachment that adds or further describes
the rights and duties of the parties
, ◉ assignment. Answer: transfers all of the rights related to the
contract to another party known as assignee
◉ novation. Answer: when a new contract is substituted fro an
existing one
◉ statute of limitations. Answer: limits the time you may file suit. In
Texas, it's two years for oral agreement and four years for a written
agreement
◉ reasons for termination. Answer: mutual agreement; partial
performance; substantial performance; impossibility; operation of
law; breach of contract
◉ bilateral contract. Answer: a contract of sale between a buyer and
seller
◉ executory contract. Answer: a contract that is binding on the
parties, with one or more of the parties having contractual duties
that have not yet been performed
◉ promulgated forms. Answer: contract forms published by TREC
FORMS PRACTICE SOLUTION 2026 COMPLETE
QUESTIONS CORRECT RESPONSES
◉ unilateral contract. Answer: a contract in which only one party is
obligated to perform
◉ unenforceable contract. Answer: a contract that cannot be
enforced due to some flaw or other issue in the contract
◉ elements of a valid and enforceable contract. Answer: COLIC
(competent parties, offer and acceptance, legal purpose, in writing,
consideration)
◉ amendment. Answer: changes to the contract; common ones
include changes to the closing date, changes to the sales price, down
payment or amount finances, repairs the the seller agrees to
perform, removal or waiver of contingencies
◉ addenda. Answer: an attachment that adds or further describes
the rights and duties of the parties
, ◉ assignment. Answer: transfers all of the rights related to the
contract to another party known as assignee
◉ novation. Answer: when a new contract is substituted fro an
existing one
◉ statute of limitations. Answer: limits the time you may file suit. In
Texas, it's two years for oral agreement and four years for a written
agreement
◉ reasons for termination. Answer: mutual agreement; partial
performance; substantial performance; impossibility; operation of
law; breach of contract
◉ bilateral contract. Answer: a contract of sale between a buyer and
seller
◉ executory contract. Answer: a contract that is binding on the
parties, with one or more of the parties having contractual duties
that have not yet been performed
◉ promulgated forms. Answer: contract forms published by TREC
