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17 Cards in this Set
- Front
- Back
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A contact based on an illegal consideration is: a. valid b. void c. legal d. enforceable
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b. void |
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All of the following are essential elements of a valid contract except: a mutual consent b. legal purpose c. money d. capable parties |
c. money |
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To which of the following would terms like adequate, valuable, sufficient or good apply? a. intention b. consideration c. compensation d. performance |
b. consideration |
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If one person is substituted for another in a contract this is called: a. substitution b. ovation c. subordination d. estoppel |
b. novation |
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When a contract is freshly signed by the parties and performance is now required which of the following terms best describes the contract? a. executed b. executory c. implied d. parole |
b. executory |
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Amongst the legal essentials of a valid contract all of the following would be included except: a. mutual consent b. subrogation c. consideration d. lawful object |
b. subrogation |
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All of the following would make a contract voidable except: a. menace b. duress c. fraud d. illegal purpose |
d. illegal purpose |
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According to the statue of frauds which of the following contracts needs to be in writing? a. to answer for the debt of another b. a lease of real property for six months c, an employment contract to lease real property for one year d. a listing contract for personal property |
a. to answer for the debt of another |
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Which of the following is the giving up of a rights in a contract by one person? a, rider b. assignment c. waiver d. subrogation |
c. waiver |
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A contact is signed by two capable parties, entering into a valid contract. If one of the parties dies or is rendered incompetent what is the status of the contract? a. the contract is voidable by the heirs of the deceased party or the guardian of the incompetent party b. the contract is valid c. the contract is voidable upon the happening of this kind of event to other party d. the contract is voidable by the living or legally competent party |
d. the contract is voidable by the living or legally competent party |
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A minor cannot hire a real estate broker using a listing agreement because a minor: a. can dis affirm the contract b. is legally incapable c. is incapable of making an adult decision d. cannot do so without parental approval |
b. is legally incapable |
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All of the following are necessary for a valid contract except: a. payment of money b. genuine consent c. lawful object d. capable parties |
a. payment of money |
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All of the following are necessary for a valid contract except: a. sufficient in writing b. genuine consent c. lawful object d. adequate mental capacity |
a. sufficient in writing |
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The following are necessary elements to create a valid contract except: a. consideration b. acceptance c. offer d. performance |
d. performance |
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The essential element needed to create a binding employment contract for the sale of any right, title or interest in real property is an: a. written instrument b. written authorization to accept offers on the property c. written agreement as to the amount of commission d. authorization to accept a deposit
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a. written instrument |
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A written contract takes precedence over oral agreements. This principle is expressed by the: a. statue of limitations b. statue of frauds c. parol evidence rule d. rule of previous evidence |
c. parol evidence rule |
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The relinquishment or refusal to accept a right is known as: a. tender b. waiver c. notation d. forbearance |
b. waiver |
