Real Estate U Texas Promulgated Contract Forms(4) Question with complete solution 2023

Real Estate U Texas Promulgated Contract Forms(4) Question with complete solution 2023To have no force or effect is referred to as a .......... contract? Void Valid Enforceable Executed Void That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ............ contract? Unenforceable Voidable Executed Expired Voidable In order to be considered a competent party, an individual must be of the age of the...? Majority Minority Other party None of the above Majority A contract in which one of the parties is a minor is considered a...? Void contract Executed contract Voidable contract Waived contract Voidable contract A contract in which there is fraud by either commission or omission is voidable by the...? Either the non-fraudulent or fraudulent party Fraudulent party The contract is not voidable Non-fraudulent party Non-fraudulent party A contract that is missing one or more of the elements of a valid contract is considered...? Enforceable Executed Expired Void Void A contract in which each party promises to do something is referred to as a...? Unilateral contract Bilateral contract Void contract Exclusive contract Bilateral contract When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it, it is referred to as a...? Unilateral contract Bilateral contract Void contract Exclusive contract Unilateral contract An options contract is an example of a/an...? Unilateral contract Bilateral contract Void contract Unenforceable contract Unilateral contract Which of the following is an example of a bilateral contract...? Listing contract Sales contract Independent contractor agreement All of the above All of the above Which of the following may be used as an alternative to novation...? Transfer the existing contract Discharge the existing contract Amend the existing contract None of the above Amend the existing contract An assignment can occur when a contract is...? Executory Executed Void Enforced Executory The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties is known as...? Amendment Bulletin Novation Assignment Novation A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...? Assignment Amendment Novation Bulletin Assignment A violation of any of the terms or conditions of a contract without legal reason leads to a/an...? Assignment of contract Breach of contract Amendment of contract Novation of contract Breach of contract