PROMULGATED CONTRACTS PRACTICE
PAPER 2026 COMPLETE QUESTIONS AND
SOLUTIONS GRADED A+
● 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
● counteroffer. Answer: a rejection of the original offer coupled with a
new offer
PAPER 2026 COMPLETE QUESTIONS AND
SOLUTIONS GRADED A+
● 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
● counteroffer. Answer: a rejection of the original offer coupled with a
new offer
