TEXAS PROMULGATED CONTRACTS CHAMPIONS
ACTUAL EXAM 2023/ A+ GRADE
mutual consent - ANSWER: a "meeting of the minds"
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 - 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
promulgated forms - ANSWER: contract forms published by TREC
counteroffer - ANSWER: a rejection of the original offer coupled with a new offer
offeror - ANSWER: the party making the offer
Buyer's or Seller's Temporary Residential Lease - ANSWER: for no more than 90 days
offer must be presented... - ANSWER: phone, fax, email, letter, hand delivery
ACTUAL EXAM 2023/ A+ GRADE
mutual consent - ANSWER: a "meeting of the minds"
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 - 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
promulgated forms - ANSWER: contract forms published by TREC
counteroffer - ANSWER: a rejection of the original offer coupled with a new offer
offeror - ANSWER: the party making the offer
Buyer's or Seller's Temporary Residential Lease - ANSWER: for no more than 90 days
offer must be presented... - ANSWER: phone, fax, email, letter, hand delivery
