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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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When assigning a contract to another party, novation keeps the original party obligated to the terms of the contract should the new party fail to perform. |
False |
Section 11 Slide 81] Novation relieves the original party from the obligation. |
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A contract can only be entered into when the terms are clearly understood and expressed between parties of the contract |
False |
Section 11 Slide 50] The terms of an expressed contracts are spelled out in detail in the contract. Implied Contracts, on the other hand are contracts where the parties never verbally or in writing formally agreed to enter into a contract but ended up in a contract based on the implication of their actions. |
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Options are an agreement between a property owner and a buyer that gives the buyer the right to purchase a contract without the obligation to actually do so. |
True |
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Working in the role as a real estate licensee automatically gives the broker the right to sign on behalf of a buyer or seller for a purchase and sale agreement. |
False |
[Section 11 Slide 157] Acting in the role of a Real Estate Licensee on behalf of a buyer or seller does not give the licensee the power to bind a buyer or seller to a sale by signing in their place. Only someone who is an attorney-in-fact and has power of attorney and can sign a contract for another person. |
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If a buyer rejects a counteroffer, the seller can sign the original offer and go forward with the sale obligating the buyer. |
False |
[Section 11 Slide 61] Upon making the counteroffer, the original offer was terminated and cannot later be accepted should the seller�s counter not be accepted. |
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The definition of a Contract is an equally binding agreement between two or more parties. It is an agreement to do a legal act for legal consideration |
True |
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The promise to perform and fulfill the contract requires either valuable consideration which can be measured in terms of money or good consideration which cannot be measured in terms of money such as love and affection. |
True |
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The person who makes the offer is the Offeror. While the person who has the offer made to him/her is the Offeree. |
True |
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By law, minors have the legal capacity to enter into an enforceable contract. |
False |
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Meeting of the minds is when two parties reach an agreement through mutual assent. |
True |
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Which of the following statements is FALSE regarding The Residential Lead-based Paint Hazard Reduction Act? |
The licensee representing the seller has no duty to the buyer or tenant regarding the disclosure |
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Which statement is false regarding the required Property Tax Disclosure for the sale of property? |
The purpose of the disclosure is to reassure the buyer that the Amount of ad valorem taxes won't change after the sale |
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Which of the following is NOT an example of a bilateral contract |
An option contract |
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Remedies for breach of contract include all of the following except |
Execution |
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Broker Apple Daily didn't know that her agent Biff Begley was acting in a way that would cause harm to the client. Which of the following statements is not true. |
Although the contract may be valid it would be unenforceable based on the statute of frauds |
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Which of the following is an example of an executed contract? |
Todd having signed a deed to transfer property and accepting final payment |
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For a contract to be valid it must meet all but which of the following standards? |
Written offer and acceptance |
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Kindle had a written contract with Frank. Frank failed to perform. How long does Kindle have to sue Frank per the Statue of Limitations? |
5 Years |
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Which of the following actions would not terminate a contract |
The contract is performed |
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