Contracts Progress Exam 2

In which of the following would "privity" most likely exist?

• legal disputes

• agency agreements

• contractual relationship

• none of the above

The Statute of Frauds requires that all of the following contracts must be a record in writing to be enforceable except:

• an agreement allowing a broker to sell real estate for compensation.

• a lease agreement of one year to commence one month after date of execution.

• an agreement to sell land.

• an agreement between two brokers to split a commission.

A buyer must bring a lawsuit for breach of written contract against a seller within:

• 6 months

• 1 year

• 3 years

• 4 years

Which of the following statements of fact best matches the term "alienation?"

• Contract of leasing

• contract of conveyance

• contract of money

• contract of pledge

A listing contract has the statement, "The undersigned broker agrees to use diligence in procuring a buyer." This is used for what following reason?

• means nothing and is not required

• to make it a bilateral contract

• to make it a unilateral contract

• none of the above

When a buyer makes a contract to purchase real property and he acts to fulfill the terms of his contract, this would be a:

• time is of the essence clause

• tender

• covenant

• executory action

An attorney-in-fact:

• is a person authorized to legally act on behalf of another.

• must be appointed by the court.

• must be authorized by a notary.

• must have a law degree.

Which of the following must have a termination date?

• estate at sufferance

• life estate

• estate for years

• periodic tenancy

Valid consideration in a contract can be:

• money

• services

• promises

• any of the above

An executory contract is a contract that:

• has been fully performed

• has be executed

• is to be executed

• none of the above