CHAMPIONS PROMULGATED CONTRACT FORMS ACTUAL TEST PAPER 2026 FULL QUESTIONS AND SOLUTIONS GRADED A+

CHAMPIONS PROMULGATED CONTRACT
FORMS ACTUAL TEST PAPER 2026 FULL
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.