Promulgated Contracts Exam with the correct answers 100%

Promulgated Contracts Exam with the correct answers 100% a contract for life necessity - Correct Answer Which of these is an exemption to the "legal capacity" requirement to form a contract? voidable - Correct Answer A contract for non-life necessities with a person lacking legal capacity is executory contract - Correct Answer a contract for deed is a classic example of a unilateral - Correct Answer an option is a form of which kind of conrtact by the end of the second day following formation of the contract - Correct Answer According to TREC a "reasonable time" within which to deposit the escrow check is addendum - Correct Answer an attachment added to the end of a contract and incorporated in the contract terms is called an A transfer of rights or duties under a contract from a current party to a contract to another party - Correct Answer an assignment of rights is two years - Correct Answer an oral contract for the lease of a property for one year or less has a statute of limitation of specific performance - Correct Answer which of these is not a potential reason for terminating a contract? an option fee - Correct Answer When a buyer makes a "backup offer" on a pending property, they must submit which of these? 4 years - Correct Answer In Texas, the statute of limitations on filing a lawsuit on a written contract is which of the following their stages of fufillment - Correct Answer Executed and Executory contracts are differentiated by The date of ratification, the parties involved, reference to the original contract - Correct Answer An amendment to a contract must always be include which of the following? title insurance, buyer credit, credit terms - Correct Answer The "Seller Financing Addendum" covers all of these (3): that time is of the essence - Correct Answer If the timing of an agreement being executed is crucial to the agreement, the contract should state: Use the Addendum for Sale of Other Property by Buyer form - Correct Answer What is the best method to note that the sale is contingent on the successful sale of buyers current home? The client loses the option fee, but is refunded her earnest deposit - Correct Answer What happens to the client's fee and escrow deposit if her contingency sale is completed, but she terminates this purchase within the option period for other reasons? once it has been communicated to the first signing party that the second party has accepted and signed - Correct Answer When is the contract considered "executed"