Test Bank For Bailey and Scotts Diagnostic microbiology 15t
h Edition | 9780323681056 | All Chapters with Answers and
Rationals
Donna and Ray enter into an agreement whereby Donna is to purchase Hellacre. Before closing, the
house on Hellacre burns down. - ANSWER:D. In the absence of a provision in the contract covering th
is event, the parties would be excused from performance because the subject of the contract has bee
n destroyed.
John assigned his right to receive a deed from Trudy to Hannah. - ANSWER:Hannah will be entitled to
the deed.
Consideration is a necessary element of a contract except when - ANSWER:the doctrine of promissor
y estoppel is applicable.
Harry offers in writing to sell Lynn Blackacre. Lynn accepts, thinking that the offer refers to Greenacre.
In fact, Harry made the offer thinking that it referred to Greenacre. Either party may rescind the cont
ract because - ANSWER:both parties had a mistaken belief about a material matter in the contract.
Builders, Inc. contracted with Allison to build her home for $200,000 in accord with specifications sta
ted in the contract. After Builders started construction, the price of particular masonry block require
d in the contract and imported from a foreign country skyrocketed due to an unforeseeable shortage
caused by civil war. As a result, it would cost Builders $200,000 just to obtain the block. Which of the
following is Builder's best argument to excuse it from performance? - ANSWER:Commercial impractic
ality
Where an offer to contract is made by mail, acceptance takes place at the time - ANSWER:the offeree
deposits the acceptance in the mail.
On July 1, Thomas sent an offer by mail to sell Panacre to Mariah for $170,000. Mariah received the o
ffer and deposited the letter of acceptance in the mail on July 3. Later that day, Thomas called Maria
h and said, "I revoke my offer." - ANSWER:There was a contract formed on July 3.
An offer is terminated when - ANSWER:the offeree makes a counteroffer.
,Pamela contracts with Bronwyn to build a house. Pamela specifies in the contract that the house is to
have a fireplace. Bronwyn completes the house without a fireplace. Pamela refuses to pay Bronwyn. I
n court, - ANSWER:Pamela will lose because Bronwyn substantially performed and Pamela will have t
o pay Bronwyn the contract price less the cost of the fireplace.
A person who is adjudicated insane - ANSWER:has no capacity to enter into a contract
Mr. Jones agreed to purchase Wax City, an auto detailing service, from Mr. Anderson with a contract t
hat was signed on April 20, with closing set for September 10. During the summer, sales in Wax City t
o plummeted, the market value of Wax City dropped and Jones defaulted on the sales contract. Will
damages be due to Anderson? - ANSWER:Yes, Anderson is entitled to Jones's earnest money and the
difference between the purchase price and the market price.
Which of the following is not needed to satisfy the Statute of Frauds? - ANSWER:Proof of marketable
title
The parol evidence rule - ANSWER:does not exclude the introduction of evidence of a subsequent agr
eement that alters the previous writing.
The writing that contains essential terms in satisfaction of the statute of frauds is referred to as the -
ANSWER:memorandum.
The date the buyer is entitled to possession of the real property is - ANSWER:governed by the contra
ct.
Mills was old. He contacted the Handbergs and orally agreed to will his farm to them if they moved in
with him and took care of him and the farm. They did. The Handbergs are - ANSWER:entitled to the p
roperty because of the part performance doctrine.
Some states prevent a real estate broker from drafting a purchase contract because it - ANSWER:cons
titutes the practice of law.
When a general warranty deed is used in a real estate transaction, the seller warrants that the proper
ty is free and clear of encumbrances through - ANSWER:personal warranty.
If the parties to a contract agree within the contract that time is of the essence, - ANSWER:a day's del
ay on the part of a party would be deemed a breach of contract.
,The Statute of Frauds requires that - ANSWER:certain contracts be evidenced by a writing.
Under the seller assist program - ANSWER:in a conventional loan the seller is limited to paying 3% of
the buyer's closing costs
Which of the following activities demonstrates a broker's responsibility for being the procuring cause
of a sale? - ANSWER:Introducing the buyer and seller
Foster is the agent for the seller of a large home that has been in one family for 50 years. Foster notic
ed that the roof of the sun porch leaked during an unusually heavy storm. The owners reacted with s
urprise, noting that it had never happened before. What is TRUE about Foster's liability in this situati
on? - ANSWER:Foster is responsible for having the leak repaired
A real estate sales associate - ANSWER:is an employee, as he or she is required by law to be associate
d with a broker.
In most states, a broker is not entitled to a commission until - ANSWER:the broker submits a binding
offer from a financially able buyer.
The word able in the expression ready, willing, and able refers to the - ANSWER:financial ability of th
e buyer to complete a transaction.
Which of the following does not accurately describe real estate brokers? - ANSWER:They often sue to
collect commissions
A buyer's broker - ANSWER:owes fiduciary duties to the buyer.
A designated agency - ANSWER:requires the utmost sensitivity and confidentiality within the brokera
ge firm in order to maintain independent agent representation
It is illegal for brokers to - ANSWER:informally agree to charge the same commission.
The exclusive right to sell differs from the exclusive agency in that the exclusive right to sell - ANSWE
R:entitles the broker to a commission even if the seller procures the buyer.
, Multiple listing services are - ANSWER:based upon agreements among brokers.
Which of the following actions is NOT required for brokers to meet the good faith and loyalty duties t
o the seller? - ANSWER:Perform all tasks related to the transaction and property alone.
The exclusive right to sell differs from the exclusive agency in that the exclusive right to sell - ANSWE
R:entitles the broker to a commission even if the seller procures the buyer.
In the term ready, willing, and able, ready means that the buyer - ANSWER:intended to buy at the ti
me the contract was made.
A broker usually works as an independent contractor in that he or she - ANSWER:controls the manne
r in which the job is done.
The agency relationship between the seller and the broker is created with the - ANSWER:listing.
Which of the following statements best describes a broker's implied authority? - ANSWER:The broker
is bound as an agent to obey the directions of the principal.
Some courts take the position that part performance is satisfied if the purchaser - ANSWER:takes pos
session of the property pursuant to an oral contract.
Which of the following contingencies benefits the seller? - ANSWER:Seller's purchase of a home.
Which of the following elements should be included in a real estate purchase contract? - ANSWER:Sig
nature of the seller's spouse
Courts will not allow recovery for fraud based upon an opinion expressed by - ANSWER:a salesperson
naturally commending the item he or she is selling.
Reliance upon a false statement - ANSWER:is not justified if the information is inconsequential to the
transaction.
h Edition | 9780323681056 | All Chapters with Answers and
Rationals
Donna and Ray enter into an agreement whereby Donna is to purchase Hellacre. Before closing, the
house on Hellacre burns down. - ANSWER:D. In the absence of a provision in the contract covering th
is event, the parties would be excused from performance because the subject of the contract has bee
n destroyed.
John assigned his right to receive a deed from Trudy to Hannah. - ANSWER:Hannah will be entitled to
the deed.
Consideration is a necessary element of a contract except when - ANSWER:the doctrine of promissor
y estoppel is applicable.
Harry offers in writing to sell Lynn Blackacre. Lynn accepts, thinking that the offer refers to Greenacre.
In fact, Harry made the offer thinking that it referred to Greenacre. Either party may rescind the cont
ract because - ANSWER:both parties had a mistaken belief about a material matter in the contract.
Builders, Inc. contracted with Allison to build her home for $200,000 in accord with specifications sta
ted in the contract. After Builders started construction, the price of particular masonry block require
d in the contract and imported from a foreign country skyrocketed due to an unforeseeable shortage
caused by civil war. As a result, it would cost Builders $200,000 just to obtain the block. Which of the
following is Builder's best argument to excuse it from performance? - ANSWER:Commercial impractic
ality
Where an offer to contract is made by mail, acceptance takes place at the time - ANSWER:the offeree
deposits the acceptance in the mail.
On July 1, Thomas sent an offer by mail to sell Panacre to Mariah for $170,000. Mariah received the o
ffer and deposited the letter of acceptance in the mail on July 3. Later that day, Thomas called Maria
h and said, "I revoke my offer." - ANSWER:There was a contract formed on July 3.
An offer is terminated when - ANSWER:the offeree makes a counteroffer.
,Pamela contracts with Bronwyn to build a house. Pamela specifies in the contract that the house is to
have a fireplace. Bronwyn completes the house without a fireplace. Pamela refuses to pay Bronwyn. I
n court, - ANSWER:Pamela will lose because Bronwyn substantially performed and Pamela will have t
o pay Bronwyn the contract price less the cost of the fireplace.
A person who is adjudicated insane - ANSWER:has no capacity to enter into a contract
Mr. Jones agreed to purchase Wax City, an auto detailing service, from Mr. Anderson with a contract t
hat was signed on April 20, with closing set for September 10. During the summer, sales in Wax City t
o plummeted, the market value of Wax City dropped and Jones defaulted on the sales contract. Will
damages be due to Anderson? - ANSWER:Yes, Anderson is entitled to Jones's earnest money and the
difference between the purchase price and the market price.
Which of the following is not needed to satisfy the Statute of Frauds? - ANSWER:Proof of marketable
title
The parol evidence rule - ANSWER:does not exclude the introduction of evidence of a subsequent agr
eement that alters the previous writing.
The writing that contains essential terms in satisfaction of the statute of frauds is referred to as the -
ANSWER:memorandum.
The date the buyer is entitled to possession of the real property is - ANSWER:governed by the contra
ct.
Mills was old. He contacted the Handbergs and orally agreed to will his farm to them if they moved in
with him and took care of him and the farm. They did. The Handbergs are - ANSWER:entitled to the p
roperty because of the part performance doctrine.
Some states prevent a real estate broker from drafting a purchase contract because it - ANSWER:cons
titutes the practice of law.
When a general warranty deed is used in a real estate transaction, the seller warrants that the proper
ty is free and clear of encumbrances through - ANSWER:personal warranty.
If the parties to a contract agree within the contract that time is of the essence, - ANSWER:a day's del
ay on the part of a party would be deemed a breach of contract.
,The Statute of Frauds requires that - ANSWER:certain contracts be evidenced by a writing.
Under the seller assist program - ANSWER:in a conventional loan the seller is limited to paying 3% of
the buyer's closing costs
Which of the following activities demonstrates a broker's responsibility for being the procuring cause
of a sale? - ANSWER:Introducing the buyer and seller
Foster is the agent for the seller of a large home that has been in one family for 50 years. Foster notic
ed that the roof of the sun porch leaked during an unusually heavy storm. The owners reacted with s
urprise, noting that it had never happened before. What is TRUE about Foster's liability in this situati
on? - ANSWER:Foster is responsible for having the leak repaired
A real estate sales associate - ANSWER:is an employee, as he or she is required by law to be associate
d with a broker.
In most states, a broker is not entitled to a commission until - ANSWER:the broker submits a binding
offer from a financially able buyer.
The word able in the expression ready, willing, and able refers to the - ANSWER:financial ability of th
e buyer to complete a transaction.
Which of the following does not accurately describe real estate brokers? - ANSWER:They often sue to
collect commissions
A buyer's broker - ANSWER:owes fiduciary duties to the buyer.
A designated agency - ANSWER:requires the utmost sensitivity and confidentiality within the brokera
ge firm in order to maintain independent agent representation
It is illegal for brokers to - ANSWER:informally agree to charge the same commission.
The exclusive right to sell differs from the exclusive agency in that the exclusive right to sell - ANSWE
R:entitles the broker to a commission even if the seller procures the buyer.
, Multiple listing services are - ANSWER:based upon agreements among brokers.
Which of the following actions is NOT required for brokers to meet the good faith and loyalty duties t
o the seller? - ANSWER:Perform all tasks related to the transaction and property alone.
The exclusive right to sell differs from the exclusive agency in that the exclusive right to sell - ANSWE
R:entitles the broker to a commission even if the seller procures the buyer.
In the term ready, willing, and able, ready means that the buyer - ANSWER:intended to buy at the ti
me the contract was made.
A broker usually works as an independent contractor in that he or she - ANSWER:controls the manne
r in which the job is done.
The agency relationship between the seller and the broker is created with the - ANSWER:listing.
Which of the following statements best describes a broker's implied authority? - ANSWER:The broker
is bound as an agent to obey the directions of the principal.
Some courts take the position that part performance is satisfied if the purchaser - ANSWER:takes pos
session of the property pursuant to an oral contract.
Which of the following contingencies benefits the seller? - ANSWER:Seller's purchase of a home.
Which of the following elements should be included in a real estate purchase contract? - ANSWER:Sig
nature of the seller's spouse
Courts will not allow recovery for fraud based upon an opinion expressed by - ANSWER:a salesperson
naturally commending the item he or she is selling.
Reliance upon a false statement - ANSWER:is not justified if the information is inconsequential to the
transaction.
