Promulgated Contract Forms (Champions) EXAM|COMPLETE STUDY GUIDE WITH DETAILED QUESTIONS AND 100% ACCURATE ANSWERS|ALREADY GRADED A

mutual consent -CORRECT ANSWERS️️ a "meeting of the minds" unilateral contract -CORRECT ANSWERS️️ a contract in which only one party is obligated to perform unenforceable contract -CORRECT ANSWERS️️ a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceable contract -CORRECT ANSWERS️️ COLIC (competent parties, offer and acceptance, legal purpose, in writing, consideration) amendment -CORRECT ANSWERS️️ 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 -CORRECT ANSWERS️️ an attachment that adds or further describes the rights and duties of the parties assignment -CORRECT ANSWERS️️ transfers all of the rights related to the contract to another party known as assignee novation -CORRECT ANSWERS️️ when a new contract is substituted fro an existing one statute of limitations -CORRECT ANSWERS️️ 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 -CORRECT ANSWERS️️ mutual agreement; partial performance; substantial performance; impossibility; operation of law; breach of contract bilateral contract -CORRECT ANSWERS️️ a contract of sale between a buyer and seller executory contract -CORRECT ANSWERS️️ 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 -CORRECT ANSWERS️️ contract forms published by TREC counteroffer -CORRECT ANSWERS️️ a rejection of the original offer coupled with a new offer offeror -CORRECT ANSWERS️️ the party making the offer Buyer's or Seller's Temporary Residential Lease -CORRECT ANSWERS️️ for no more than 90 days offer must be presented... -CORRECT ANSWERS️️ phone, fax, email, letter, hand delivery options when responding to an offer -CORRECT ANSWERS️️ do nothing; reject; accept; counteroffer acceptance -CORRECT ANSWERS️️ means that the accepting party does so with no change to the contract whatsoever net sheet -CORRECT ANSWERS️️ an estimate of the net proceeds to the seller and should be prepared based upon the offer being considered Broker-Lawyer committee -CORRECT ANSWERS️️ 13 members; write residential contract forms that are generally mandatory for license holders