Texas Promulgated Contracts Test with Questions and Answers Latest 2025
Terms in this set (44)
additions to a completed contract that specify
addenda
supplementary information to the contract
amendment change or modification to an already agreed-upon contract
a contract wherein both parties are obligated to perform in
bilateral contract
an exchange of promises
anything during a transaction that causes money to go back
buyer rebate
to the buyer, either at or after closing, without the
knowledge of the lender
a sudden, unexpected event like a fire, flood, storm,
casualty loss
earthquake that causes damage to a property
something of value exchanged by the parties as evidence of
consideration
agreement to the terms of a contract
a legally enforceable and binding agreement between
contract
parties wherein a promise to do or not do something is
given in exchange for valuable consideration
a contract proposal submitted in response to a previous
counteroffer
offer, modifying the terms of the original offer;
considered a rejection of the original offer
a physical or mental impairment that substantially limits
disability one or more major life activities, the record of such
impairment, or being regarded as having such an
impairment
earnest money funds paid to confirm or commit to a contract
effective date the date a contract becomes binding between the parties
endorsement additional coverage that can be added onto an insurance policy
a process in which funds and/or financial documents are
escrow held by a disinterested third party on behalf of the other
two parties in the real estate transaction until specific
conditions are satisfied
executed contract a contract in which all terms have been fulfilled by all parties
a contract that has not yet been fully performed (both sides
executory contract
have not yet completed their obligations)
Terms in this set (44)
additions to a completed contract that specify
addenda
supplementary information to the contract
amendment change or modification to an already agreed-upon contract
a contract wherein both parties are obligated to perform in
bilateral contract
an exchange of promises
anything during a transaction that causes money to go back
buyer rebate
to the buyer, either at or after closing, without the
knowledge of the lender
a sudden, unexpected event like a fire, flood, storm,
casualty loss
earthquake that causes damage to a property
something of value exchanged by the parties as evidence of
consideration
agreement to the terms of a contract
a legally enforceable and binding agreement between
contract
parties wherein a promise to do or not do something is
given in exchange for valuable consideration
a contract proposal submitted in response to a previous
counteroffer
offer, modifying the terms of the original offer;
considered a rejection of the original offer
a physical or mental impairment that substantially limits
disability one or more major life activities, the record of such
impairment, or being regarded as having such an
impairment
earnest money funds paid to confirm or commit to a contract
effective date the date a contract becomes binding between the parties
endorsement additional coverage that can be added onto an insurance policy
a process in which funds and/or financial documents are
escrow held by a disinterested third party on behalf of the other
two parties in the real estate transaction until specific
conditions are satisfied
executed contract a contract in which all terms have been fulfilled by all parties
a contract that has not yet been fully performed (both sides
executory contract
have not yet completed their obligations)
