Champions - Law of Contracts EXAM Questions
with Correct Answers | Verified || 2026-2027
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Terms in this set (89)
In a residential lease with a "right of The tenant has the right to match or better any offer
first refusal" provision: the landlord receives to prevent the property from
being sold to someone else
The four ECONOMIC characteristics 1) Scarcity
of land are: 2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary 90 days
Residential Lease forms may be used
for a lease period not to exceed:
A contract that is said to lack Unilateral Contract
mutuality because only one party is
obligated to perform is a________
contract.
According to the Deceptive Trade Services
Practices Act (DTPA), brokerage falls
under the category of ________.
, The five essential elements of a valid COLIC
and enforceable contract are: 1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on Common Law
"common sense" and local custom.
A(n) ________ is a business venture that Sole proprietorship
is owned by one individual.
A(n) __________ is an agreement between Contract
two or more parties to do something
or to refrain from doing something.
The fact that the value is affected by Modifications
manmade changes to the land.
Jake (Seller) and Sarah (Buyer) Sarah has the right to terminate the contract and
entered into a contract for the sale of receive a refund of earnest money prior to closing
Jake's personal residence. In the
contract, Jake promised to deliver a
seller's disclosure of property
condition within 5 days of the
effective date of the contract. Jake
never delivered the disclosure as
promised. Which of the following
statements is true?
with Correct Answers | Verified || 2026-2027
UPDATE
Save
Terms in this set (89)
In a residential lease with a "right of The tenant has the right to match or better any offer
first refusal" provision: the landlord receives to prevent the property from
being sold to someone else
The four ECONOMIC characteristics 1) Scarcity
of land are: 2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary 90 days
Residential Lease forms may be used
for a lease period not to exceed:
A contract that is said to lack Unilateral Contract
mutuality because only one party is
obligated to perform is a________
contract.
According to the Deceptive Trade Services
Practices Act (DTPA), brokerage falls
under the category of ________.
, The five essential elements of a valid COLIC
and enforceable contract are: 1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on Common Law
"common sense" and local custom.
A(n) ________ is a business venture that Sole proprietorship
is owned by one individual.
A(n) __________ is an agreement between Contract
two or more parties to do something
or to refrain from doing something.
The fact that the value is affected by Modifications
manmade changes to the land.
Jake (Seller) and Sarah (Buyer) Sarah has the right to terminate the contract and
entered into a contract for the sale of receive a refund of earnest money prior to closing
Jake's personal residence. In the
contract, Jake promised to deliver a
seller's disclosure of property
condition within 5 days of the
effective date of the contract. Jake
never delivered the disclosure as
promised. Which of the following
statements is true?
