(11) Real Estate Contracts

Question 1

Which statue establishes the time period for enforcement of a contract

Answer 1

Statue of limitations

Question 2

Which statue requires a purchase and sale contract to be in writing in order to be enforceable

Answer 2

Statue of frauds

Question 3

Which term refers to a type of contract where all terms and conditions are not fully expressed

Answer 3

Implied

Question 4

Oral contract __ years

Written contract __ years

Answer 4

4

5

Question 5

Damages specified in a contract are _____ damages

and the seller gets to ________

Answer 5

Liquidated

Keep the deposit

Question 6

The type of listing that gives the broker the greatest degree of protection is the

Answer 6

Exclusive right to sale listing

Question 7

What are the three basic remedies for a breach of contract

Answer 7

Suit for cancellation
Suit for specific performance
Suit for damages

Question 8

___ contracts are referred to as parol contracts

Answer 8

Oral

Question 9

Can a contract be terminated if the seller/buyer file for bankruptcy?

Answer 9

Yes