TEXAS PROMULGATED CONTRACT
FORMS EXAM QUESTIONS AND
ANSWERS. VERIFIED 2026.
An agreement between a buyer and seller giving the buyer the right to purchase a property at a
preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS A
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,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 - ANS E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS 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 - ANS 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
_______________.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
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,a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - ANS 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 - ANS D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - ANS 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 - ANS A
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, 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 - ANS A
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - ANS B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - ANS B
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
FORMS EXAM QUESTIONS AND
ANSWERS. VERIFIED 2026.
An agreement between a buyer and seller giving the buyer the right to purchase a property at a
preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS A
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,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 - ANS E
Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - ANS 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 - ANS 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
_______________.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
,a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - ANS 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 - ANS D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - ANS 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 - ANS A
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, 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 - ANS A
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - ANS B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - ANS B
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
