Study (Principles 1) Real Estate Contracts Part One Flash Cards

 
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(Principles 1) Real Estate Contracts Part One

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Mary and Sally, both competent parties, agree that Sally will buy Mary's house. All terms and conditions have been agreed upon, and a written contract has been signed by both parties. This contract is MOST likely
Valid
Agreement by the parties to the terms of the contract is also called a "meeting of the minds T/F?
T
A contract that seems to be valid on the surface but may be rejected by one or both of the parties is
Voidable
What kind of evidence may be allowed if the written contract is incomplete or ambiguous?
Written or Oral
A contract in which one party is persuaded to act because of a promise made by another party is a
Unilateral Contract
Impossibility of performance is a valid reason to extend a sales contract T/F?
F
MOST Texas real estate contracts provide that
reasonable time is permitted for performance of contract rights and duties.
If one of the parties defaults on a real estate contract, the nondefaulting party may
Sue for specific purpose
A contract in which the intentions of the parties are shown by their actions is a
Implied contract
The transfer of rights and/or duties under a contract is called
Assignment
Using force to obtain an agreement is
Duress
If you enter a contract to purchase a home from a 16-year-old boy who inherited the property and the boy signs the sales contract, the contract is
Voidable
Under the Texas Deceptive Trade Practices Act, the statute of limitations is
two years from the date a buyer could reasonably have discovered the deceptive act
When a contract is terminated because of complete performance, with all terms carried out, the contract is considered
Executed
If you enter a contract to purchase a home from a boy, age 16, and the boy signs the sales contract, the contract is
Voidable
Which is "anything of value given or promised as an inducement to contract"?
Consideration
In a contract performed by novation, a third party is substituted for one of the original parties T/F?
F
Contracts agreed to under undue influence are voidable at the option of the injured party T/F?
T
An express contract must be oral T/F?
F
If the seller defaults on a real estate contract and the buyer sues for specific performance and wins, the seller may be forced to sell the property to the buyer T/F?
T
The five basic requirements of every valid contract offer are: agreement in writing and signed, competent parties, consideration, offer and acceptance, and legality of object T/F?
T
If the parties entered into the contract not knowing that the contract's purpose was illegal, it will still be valid T/F?
F
When a contract does NOT specify a date or time frame for performance, the acts it requires must be performed within a reasonable time T/F?
T
Under Texas law, any action for the specific performance of a contract for the conveyance of real property must be commenced within six years from the date of the breach T/F?
F
A contract may be discharged through partial performance of the terms along with a written acceptance by the person for whom acts have NOT been done or to whom money has NOT been paid T/F?
T
f a law requires a record to be in writing, an electronic record will NOT satisfy the law T/F?
F
If a contract contains a personal obligation, it can be assigned to a third party T/F?
F
Offer and acceptance requires that a contract must be entered into as the free and voluntary act of each party T/F?
T
According to the Statute of Frauds, contracts for the sale of real estate must be in writing to be enforceable T/F?
T
An executory contract is a completed contract in which all parties have performed the contract provisions T/F?
F
In bilateral contracts, one party promises to do something T/F?
F
Contracts made under fraud, tricks, misrepresentation, or mutual mistake are, at the option of the injured party,
Voidable
Offer and acceptance requires that a contract must be entered into as the free and voluntary act of each party T/F?
T
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