Contracts - Review

Contracts Review

Multiple Choice

Which of the following is NOT an element of a valid contract?

• In writing and Signed

• Lawful

• Consideration

• Minor signing document

Dropdown

The statute of ​

Select answer

is where certain contracts must be in writing and signed by ​

Select answer

parties involved. This also goes hand in hand with the ​

Select answer

doctrine. (what is on paper, what goes)

Multiple Choice

Implied agency would be when the principle and agent may never explicitly state the nature or terms of the relationship, but both parties will be held to the duties of an agency relationship.

• True

• False

Multiple Choice

In a bilateral contract, what kind of obligations are created?

• Double Obligations

• Solitary Obligations

• Reciprocal obligations

• Unenforceable obligations

Multiple Choice

A broker tells her license holders that if anyone brings in over a certain amount of business in six months, they will be entitled to a bonus.

• Bilateral Contract

• Unilateral Contract

• Lateral Contract

• this is not a contract

Match

Match the contract legal status

• Vaild

• Void

• Voidable

• Unenforceable

Contract has essential elements=enforce

Invalid Contract - lacking legal

Can be valid - one party can rescind

Potentially Valid contract - lack legal

• Contract has essential elements=enforce

• Invalid Contract - lacking legal

• Can be valid - one party can rescind

• Potentially Valid contract - lack legal

Match

Match the common cause of becoming unenforceable

• Statue of Frauds

• Statute of limitations

• Ex. of Statute of Frauds

• Statue of limitations

state law requres to be written and sign

time limits from date is signed

A leasing agent and tenant signs a lease

Buyer trying to sue Agent from 10 years

• state law requres to be written and sign

• time limits from date is signed

• A leasing agent and tenant signs a lease

• Buyer trying to sue Agent from 10 years

Multiple Choice

A contract that has not closed yet, is an example of......

• Executed Contract

• Unenforceable

• Executory Contract

Match

Match the type of contract to the scenario.

• Lisa offered if students brought in tissues, get extra credit (uni or bi)

• Sam and Bob signed an offer an accepted but have not closed on property

• Tara and Liz both signed a contract and agreed to all terms, the deal is done, both parties finalized their parts

• Laura agreed to represent CJ as his selling agent - both talked and finalized (uni or bi)

Unilateral

Executory

Executed

Bilateral

• Unilateral

• Executory

• Executed

• Bilateral

Match

Match the PETE acronym to the description

• Police Power

• Eminent Domain

• Taxation

• Escheat

Zoning, Building Codes, Private Control

Right of the state to seize property

Charge real estate taxes

Able to seize estate if no will, etc.

• Zoning, Building Codes, Private Control

• Right of the state to seize property

• Charge real estate taxes

• Able to seize estate if no will, etc.

Multiple Choice

Which of the following is NOT a Public Land-Use Control?

• Eminent Domain

• Taxation

• Parks

• Zoning

Multiple Choice

You can have interest in a property without owning a property.

• True

• False

Multiple Choice

Which of the following is NOT of the main types of estates?

• Freehold

• Leasehold

• Equitable

• Estate

Match

Match the type of freehold estate to description

• Sam owns his house, no restrictions

• Josh owns his own until his sister gets married, she then will get the house

• Sara can live in her house until she passes, it then gets returned to her aunt

Fee Simple Estate

Defeasible Fee Estate

Life Estate

• Fee Simple Estate

• Defeasible Fee Estate

• Life Estate

Multiple Choice

A concurrent estate is any type of estate:

• Where a party ha an encumbrance on a property

• Where multiple parties co-own it

• Where a tenant enjoys the right to possession during their lease

Multiple Choice

A buyer does not pay for a property in full. This is an example of a(n):

• Assessment Lien

• Tax Lien

• Equitable Lien

• Priority Lien

Multiple Choice

A mortgage is an example of a:

• Specific, voluntary Lien

• Specific, invlontary lien

• General, voluntary lien

• General, Involuntary Lien

Multiple Choice

Jim can use Bob's dock to access his dock, but the next owner of his home cannot. This is an example of .......

• Easement appurtenant

• Easement in Gross

• Easement by prescription

Dropdown

​

Select answer

rights govern the use of flowing water. ​

Select answer

rights govern lakefront and oceanfront property.

Dropdown

​

Select answer

rights deals with anything - oil, gas, water, etc. that is underground the property.

Multiple Choice

Texas law holds that the mineral estate is dominant. This means who is the dominant/has the priority in the estate.....

• Surface Owner

• Mineral Estate Owner

• Government

Multiple Choice

If you do not specify or have the Addendum for Reservation Oil, Gas, and other minerals attached to the contract, it is assumed the new buyer will get all surface and mineral rights.

• True

• False

Multiple Choice

If you are listing a house that was built before ______, you must include the Lead Based Paint disclosure.

• 1990

• 1950

• 1978

• 1975

Multiple Choice

Kelly is in the process of buying a house. The seller has performed some of the required duties by the required date, but not all of them. Can Kelly discharge the contract?

• No, only non-performance or illegal would be a valid reason

• No, only non-performance, illegality, or operation of law would be a valid reason

• Maybe, Kelly can only discharge if the other party agrees

• Yes, partial performance is a valid reason for a party to discharge

Multiple Choice

TREC approves or promulgates a contract or document for agents. Which of the forms MUST licensed agents use?

• Approved

• Promulgates

Contracts | TREC

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Poll

How do you feel about contracts? (select all that apply)

• I knew all of this

• I needed a refresher

• Learned a ton!

• Ehh ok, need to discuss the specifics more

Open Ended

Do you need to clarify/practice any of the contracts that has been reviewed today? (ex. need practice on estates, I don't understand the difference between void and voidable, etc.)