©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
Champions-Law of Contracts Course Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass
In a residential lease with a "right of first refusal" provision: - Answer✔The tenant has the right
to match or better any offer the landlord receives to prevent the property from being sold to
someone else
The four ECONOMIC characteristics of land are: - Answer✔1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - Answer✔90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract. - Answer✔Unilateral Contract
At closing, the contract is: - Answer✔fully executed
1|Page
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of
________. - Answer✔Services
The five essential elements of a valid and enforceable contract are: - Answer✔COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom. - Answer✔Common
Law
Which kind of rights extend above the surface of property without limitation? - Answer✔Air
rights
A(n) ________ occurs when a new contract is substituted for an existing one. -
Answer✔Novation
A(n) ________ is a business venture that is owned by one individual. - Answer✔Sole
proprietorship
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - Answer✔Contract
3 physical characteristics of land - Answer✔1. non-homogeneity
2. immobility
3. indestructibility
2|Page
Champions-Law of Contracts Course Exam
Questions And Answers |Latest 2025 |
Guaranteed Pass
In a residential lease with a "right of first refusal" provision: - Answer✔The tenant has the right
to match or better any offer the landlord receives to prevent the property from being sold to
someone else
The four ECONOMIC characteristics of land are: - Answer✔1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - Answer✔90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract. - Answer✔Unilateral Contract
At closing, the contract is: - Answer✔fully executed
1|Page
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of
________. - Answer✔Services
The five essential elements of a valid and enforceable contract are: - Answer✔COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom. - Answer✔Common
Law
Which kind of rights extend above the surface of property without limitation? - Answer✔Air
rights
A(n) ________ occurs when a new contract is substituted for an existing one. -
Answer✔Novation
A(n) ________ is a business venture that is owned by one individual. - Answer✔Sole
proprietorship
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - Answer✔Contract
3 physical characteristics of land - Answer✔1. non-homogeneity
2. immobility
3. indestructibility
2|Page
