TEXAS PROMULGATED CONTRACTS EXAM
QUESTIONS AND ANSWERS GRADED A+
ASSURED SUCCESS NEW UPDATE 2026
Save
Terms in this set (162)
In 1939, the legislator passed what Real Estate Dealers License Act (REDLA) which
law? meant all RE agents must obtain a license
Competent Parties Summary:(3) Must be 18 + years of age
Must be mentally competent
Cannot be temporary incompetent
The Texas Real Estate Commission when license sell house for client: which the
regulates a licensee in which of the licensee is acting in a third-party position
following situations?
What is a legal agreement between a contract
parties to do (performance) or not
to do (forbearance) a certain act for
consideration?
Mutual Assent Summary (2) Agreement to all the terms
Agreement by all the parties
,two types of consideration Valuable consideration is something of value
Good consideration is love and affection
Consideration Summary Something given in exchange for something else
Assignment One of the parties to a contract may choose to
assign the contract to a third individual.
Notation write up a new agreement with the existing
parties
Mediation(non-binding) the third party mediator is simply a facilitator
attempting to keep both parties talking until they
can reach a solution (preferred method)
no schooling needed
Arbitration the arbitrator listens to both sides of the situation
and makes a decision. His or her decision is
binding and court action cannot be pursued.
require law degree/similar
Litigation actually lawsuit - and costly
What law requires all contracts for Statute of Frauds
real property to be in writing to be
enforceable?
Recording Acts require that any claim, interest, or ownership in real
estate be placed in the public records in the
county where the property is located.
What is duress? use of force
, Valid contract 3 of 6 - When a written agreement is legal and
every item is completely agreed to, it is said to be
which of the following?
Void contract When an essential element is missing in an
agreement and the courts would not hold it as a
contract, then the agreement would be:
Voidable contract When one party could change their mind and exit
a contract, it is said to be:
An unenforceable contract When one party may be in default but because
of the nature of the agreement, the damaged
party would not have the ability to sue the other
party in court, this is what type of contract?
Express contracts verbal or in writing that is clear and definite and
would, therefore, be considered express
contracts.
implied contract. any contract that is not clear is usually an implied
contract. The agreement is indicated through the
actions of the parties rather than the written
word.
Bilateral contracts Both parties have rights and obligations
unilateral contract is a contract in which a party promises to perform
without expectation of performance by the other
party.
1 of 6 - When all promises in a executed
contract have been met, that
contract is called what?
QUESTIONS AND ANSWERS GRADED A+
ASSURED SUCCESS NEW UPDATE 2026
Save
Terms in this set (162)
In 1939, the legislator passed what Real Estate Dealers License Act (REDLA) which
law? meant all RE agents must obtain a license
Competent Parties Summary:(3) Must be 18 + years of age
Must be mentally competent
Cannot be temporary incompetent
The Texas Real Estate Commission when license sell house for client: which the
regulates a licensee in which of the licensee is acting in a third-party position
following situations?
What is a legal agreement between a contract
parties to do (performance) or not
to do (forbearance) a certain act for
consideration?
Mutual Assent Summary (2) Agreement to all the terms
Agreement by all the parties
,two types of consideration Valuable consideration is something of value
Good consideration is love and affection
Consideration Summary Something given in exchange for something else
Assignment One of the parties to a contract may choose to
assign the contract to a third individual.
Notation write up a new agreement with the existing
parties
Mediation(non-binding) the third party mediator is simply a facilitator
attempting to keep both parties talking until they
can reach a solution (preferred method)
no schooling needed
Arbitration the arbitrator listens to both sides of the situation
and makes a decision. His or her decision is
binding and court action cannot be pursued.
require law degree/similar
Litigation actually lawsuit - and costly
What law requires all contracts for Statute of Frauds
real property to be in writing to be
enforceable?
Recording Acts require that any claim, interest, or ownership in real
estate be placed in the public records in the
county where the property is located.
What is duress? use of force
, Valid contract 3 of 6 - When a written agreement is legal and
every item is completely agreed to, it is said to be
which of the following?
Void contract When an essential element is missing in an
agreement and the courts would not hold it as a
contract, then the agreement would be:
Voidable contract When one party could change their mind and exit
a contract, it is said to be:
An unenforceable contract When one party may be in default but because
of the nature of the agreement, the damaged
party would not have the ability to sue the other
party in court, this is what type of contract?
Express contracts verbal or in writing that is clear and definite and
would, therefore, be considered express
contracts.
implied contract. any contract that is not clear is usually an implied
contract. The agreement is indicated through the
actions of the parties rather than the written
word.
Bilateral contracts Both parties have rights and obligations
unilateral contract is a contract in which a party promises to perform
without expectation of performance by the other
party.
1 of 6 - When all promises in a executed
contract have been met, that
contract is called what?
