1Contracts (14) -1001

Front

While an agent is showing a listed property, the seller and the buyer enter into an oral agreement for the purchase of the home. If a dispute over the terms arises later, the agreement may be unenforceable because?

Back

the agreement does not comply with the Statute of Frauds.

Front

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called

Back

a contract

Front

The sellers want to accept a purchase offer, but only if the price is raised by $5,000. What should they give the prospective buyer?

Back

Counteroffer.

Front

Alex, 14, and Kent, 17, inherited a piece of property. The next year, Kent deeded the whole property to Alex, who immediately put it on the market. An adult buyer made a written offer which was accepted by Alex. Which of the following is TRUE?

Back

The buyer cannot legally compel Alex to sell.

Front

An example of a contract terminated due to inability to perform would be one in which the seller had contracted for sale of the entire property without the knowledge or consent of the other joint tenant.

Back

seller had contracted for sale of the entire property without the knowledge or consent of the other joint tenant.

Front

A company agrees to lease a property to be used as a gambling casino. State laws prohibit gambling. This particular contract would be legally defined as

Back

void

Front

A seller signs a listing agreement with a broker. The seller can cancel the listing at any time without legal liability if the broker violates the terms of the contract.

Back

the broker violates the terms of the contract.

Front

A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if:

Back

the owner withdraws the counteroffer before it is accepted.

Front

Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather than proceed to closing. Which of the following circumstances would NOT give either party a justifiable reason to insist on a mutual release? Options: The buyer finds a better property for better terms., A title defect that will take months to clear is discovered., A basement fire causes damage that requires extensive repairs., The buyer is unable to obtain financing that meets the terms of the contract's financing contingency

Back

The buyer finds a better property for better terms.

Front

A contract obliging sellers to convey title to their land to buyers if buyers pay $22,000 on or before December 31st is called

Back

an option contract.