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10 Cards in this Set
- Front
- Back
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The Ahmed family have signed a contract to buy the Miller family's home. However, the contract states the Ahmeds must first close on the sale of their current home within thirty days. If this closing does not occur, the contract is no longer binding for either party. Which contract term applies?
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a) Novation
b) Option c) Contingency d) Assignment |
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Which of the following elements is not necessary for a valid contract?
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a) Offer and Acceptance
b) Accession c) Legality of Object d) Consideration |
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Victoria, the lessee is negotiating to lease a condo from Sanchez, the lessor. They have agreed on the monthly lease payment, term of lease, security deposit, and so forth. Victoria plans to start moving in on the first day of next month. Which of the following applies to this situation?
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a) Offer
b) Contract c) Lease d) Executed |
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Jack is buying the Padillas' home. He makes his offer and in his terms states he wants all the window treatments, refrigerator, and microwave to be part of the sale. The Padillas accept his offer on the condition that the refrigerator is the only item that stays in the home. Which contract term applies?
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a) Implied Agreement
b) Novation c) Counteroffer d) Option |
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Victoria decides not to lease the condo from Sanchez. (They have an oral agreement.) She tells him she has changed her mind the day before she had agreed to move in. He has spent time and money getting the property ready for Victoria and is thinking of suing. Which type of contract applies to the situation?
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a) Valid
b) Unenforceable c) Voidable d) Void |
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Which of the following is not a requirement of a will?
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a) Legal Age
b) Proper Wording c) Witnesses d) Written in testator's handwriting |
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Sania and her mother own property on a river. The water has carried part of their bank downstream to another property. They want their bank back and are prepared to have it returned. Which method of property transfer applies?
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a) By Accession and through Accretion
b) By Accession and through Avulsion (It must be reclaimed within one year of the occurrence.) c) By Accession and through Avulsion (It must be reclaimed within two years of the occurrence.) d) By Succession and through Avulsion |
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Which of the following is not a method of involuntary alienation?
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a) Tacking On
b) Escheat c) Adverse Possession d) Eminent Domain |
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Olive Maccones dies without a will. She has three sons and seven grandchildren. She owned a substantial amount of property. What happens to the property?
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a) The property escheats back to the state.
b) The property must be probated before the heirs can take possession of the property. c) The property will be transferred according to the Statute of Descent and Distribution. d) The property will be intestate and distributed by the state to the heirs |
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Ginny, a licensee, uses a preprinted contract in Tim's purchase of a new loft apartment. There is a discrepancy in the contract between a preprinted clause and a handwritten addition. Which clause supersedes?
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a) The preprinted clause always supersedes a handwritten clause.
b) The handwritten clause generally supersedes the preprinted clause. c) The handwritten clause always supersedes a preprinted clause. d) The grantor and grantee must resolve the contractual issues or the contract will be void. |
