Texas Promulgated Contract Forms
An agreement between a buyer and seller giving the buyer the right to purchase a property at a
preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerD
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerA
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerE
,Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerC
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerB
The five essential elements that must exist for a real estate sales contract to be considered valid
and enforceable are: legal purpose, competent parties, mutual assent, consideration and
_______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - answerB
,If a contract has been entered into with a person who has been judged to be incompetent, that
contract is considered _________________ because that person never had the capacity to enter
into it.
a. Executed
b. Valid
c. Voidable
d. Void - answerD
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - answerC
A buyer who has the right to purchase a property at a preset price and terms for a period of
time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - answerA
A(n) _______________ contract is defined as a contract that is binding on the parties, with one
or more of the parties having contractual duties that have not yet been performed.
, a. Executory
b. Fully executed
c. Bilateral
d. Void - answerA
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - answerB
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - answerB
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
An agreement between a buyer and seller giving the buyer the right to purchase a property at a
preset price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerD
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerA
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerE
,Something given in exchange for a promise.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerC
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - answerB
The five essential elements that must exist for a real estate sales contract to be considered valid
and enforceable are: legal purpose, competent parties, mutual assent, consideration and
_______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - answerB
,If a contract has been entered into with a person who has been judged to be incompetent, that
contract is considered _________________ because that person never had the capacity to enter
into it.
a. Executed
b. Valid
c. Voidable
d. Void - answerD
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - answerC
A buyer who has the right to purchase a property at a preset price and terms for a period of
time has a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - answerA
A(n) _______________ contract is defined as a contract that is binding on the parties, with one
or more of the parties having contractual duties that have not yet been performed.
, a. Executory
b. Fully executed
c. Bilateral
d. Void - answerA
In Texas, the statute of limitations is ____________ for an oral agreement.
a. Four years
b. Two years
c. Eight years
d. Six years - answerB
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - answerB
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
