CHAMPIONS PROMULGATED CONTRACT
FORMS COMPREHENSIVE ACTUAL
CERTIFICATION PAPER 2026 SEVENTY
FIVE QUESTIONS WITH 100 PERCENT
VERIFIED ANSWERS GRADED A+
⩥ Five Elements Of A Valid and Enforceable Contract. Answer: COLIC
1. Competent parties
2. Offer and acceptance (mutual consent)
3. Legal purpose
4. In writing (when required by law)
5. Consideration
⩥ Unilateral Contract. Answer: Only one party is obligated to perform.
A unilateral contract is said to lack mutuality.
⩥ Consideration. Answer: Something of value given in exchange for a
promise.
⩥ Option. Answer: An agreement between a buyer and seller or landlord
and tenant. A seller, in exchange for some form of consideration (an
option fee), gives the buyer the right to purchase the property at some
preset price and terms for a period of time.
,⩥ Unenforceable Contract. Answer: Is one that cannot be enforced due
to some flaw in the contract, passage of time, or other issues that make
enforcement impossible.
⩥ Valid Contract. Answer: One that meets all of the requirements of law.
⩥ Void Contract. Answer: Is invalid from the beginning, and has no
effect on the parties. A contract to perform an illegal act is a ______
contract.
⩥ Voidable Contract. Answer: Is one that cannot be enforced against one
or more of the parties. Most contracts entered into with minors are
________ at the option of the minor
⩥ Competent Parties. Answer: The general rule of law is that all parties
to a contract have read it and understand it.
⩥ Offer and Acceptance. Answer: A valid contract must be based upon
the consent of the parties. The contract must therefore reflect the intent
and wishes of the parties. Mutual consent is often referred to as a
"meeting of the minds." For a contract to exist, there must have been a
meeting of the minds (offer and acceptance) between the parties. The
determination of mutual consent is usually a question of fact and is
completed by the process of offer and acceptance.
,⩥ Legal Purpose. Answer: A contract for an illegal purpose is void, and
the law treats the contract as if it were never created. An example of a
void contract would be one to have somebody killed or to deliver illegal
drugs.
⩥ In Writing. Answer: In order to comply with the Statute of Frauds,
contracts for the conveyance of an interest in real estate or leases for a
term of more than one year must be in writing.
⩥ 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.
⩥ Bilateral Contract. Answer: Both parties are obligated to perform.
⩥ Reasonable Time. Answer: Contracts contain many dates by which the
parties must perform. The parties have a reasonable amount of time in
which to perform. If a party fails to meet a required date, the contract is
still valid and enforceable if the party has been making a reasonable
effort to perform.
⩥ Time is of the Essence. Answer: For the important milestones in a
contract that must be performed on time the language
___________________ is often inserted into the relevant provision of
the contract. The phrase, "___________________" means that the time
, for performance will be literally interpreted, and that performance must
be complete by the day stipulated. In the past, license holders have
erroneously inserted the words "___________________" in a contract,
making every date one that must be strictly interpreted, with a failure to
perform amounting to a material breach of the contract. Because the
words "_____________________" change the legal effect of a contract,
license holders who add this language may be engaging in the unlawful
practice of law.
⩥ Common Amendments. Answer: • Changes to the closing date
• Changes to the sales price, down payment and/or amount financed
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
⩥ Addenda. Answer: An addendum to a contract is an attachment that
adds or further describes the rights and duties of the parties. An
addendum is an additional form that is attached to and incorporated into
the contract.
⩥ Common Addenda Forms. Answer: • Property owner association
information
• Environmental disclosures
• Oil and gas reservation addenda
• Lead-based paint disclosures
• Back-up contract
FORMS COMPREHENSIVE ACTUAL
CERTIFICATION PAPER 2026 SEVENTY
FIVE QUESTIONS WITH 100 PERCENT
VERIFIED ANSWERS GRADED A+
⩥ Five Elements Of A Valid and Enforceable Contract. Answer: COLIC
1. Competent parties
2. Offer and acceptance (mutual consent)
3. Legal purpose
4. In writing (when required by law)
5. Consideration
⩥ Unilateral Contract. Answer: Only one party is obligated to perform.
A unilateral contract is said to lack mutuality.
⩥ Consideration. Answer: Something of value given in exchange for a
promise.
⩥ Option. Answer: An agreement between a buyer and seller or landlord
and tenant. A seller, in exchange for some form of consideration (an
option fee), gives the buyer the right to purchase the property at some
preset price and terms for a period of time.
,⩥ Unenforceable Contract. Answer: Is one that cannot be enforced due
to some flaw in the contract, passage of time, or other issues that make
enforcement impossible.
⩥ Valid Contract. Answer: One that meets all of the requirements of law.
⩥ Void Contract. Answer: Is invalid from the beginning, and has no
effect on the parties. A contract to perform an illegal act is a ______
contract.
⩥ Voidable Contract. Answer: Is one that cannot be enforced against one
or more of the parties. Most contracts entered into with minors are
________ at the option of the minor
⩥ Competent Parties. Answer: The general rule of law is that all parties
to a contract have read it and understand it.
⩥ Offer and Acceptance. Answer: A valid contract must be based upon
the consent of the parties. The contract must therefore reflect the intent
and wishes of the parties. Mutual consent is often referred to as a
"meeting of the minds." For a contract to exist, there must have been a
meeting of the minds (offer and acceptance) between the parties. The
determination of mutual consent is usually a question of fact and is
completed by the process of offer and acceptance.
,⩥ Legal Purpose. Answer: A contract for an illegal purpose is void, and
the law treats the contract as if it were never created. An example of a
void contract would be one to have somebody killed or to deliver illegal
drugs.
⩥ In Writing. Answer: In order to comply with the Statute of Frauds,
contracts for the conveyance of an interest in real estate or leases for a
term of more than one year must be in writing.
⩥ 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.
⩥ Bilateral Contract. Answer: Both parties are obligated to perform.
⩥ Reasonable Time. Answer: Contracts contain many dates by which the
parties must perform. The parties have a reasonable amount of time in
which to perform. If a party fails to meet a required date, the contract is
still valid and enforceable if the party has been making a reasonable
effort to perform.
⩥ Time is of the Essence. Answer: For the important milestones in a
contract that must be performed on time the language
___________________ is often inserted into the relevant provision of
the contract. The phrase, "___________________" means that the time
, for performance will be literally interpreted, and that performance must
be complete by the day stipulated. In the past, license holders have
erroneously inserted the words "___________________" in a contract,
making every date one that must be strictly interpreted, with a failure to
perform amounting to a material breach of the contract. Because the
words "_____________________" change the legal effect of a contract,
license holders who add this language may be engaging in the unlawful
practice of law.
⩥ Common Amendments. Answer: • Changes to the closing date
• Changes to the sales price, down payment and/or amount financed
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
⩥ Addenda. Answer: An addendum to a contract is an attachment that
adds or further describes the rights and duties of the parties. An
addendum is an additional form that is attached to and incorporated into
the contract.
⩥ Common Addenda Forms. Answer: • Property owner association
information
• Environmental disclosures
• Oil and gas reservation addenda
• Lead-based paint disclosures
• Back-up contract
