4 S.R.

Question 0

To make a contract enforceable it must be enforceable in _______.

Answer 0

Court

Question 1

The statute of _____ requires that contract involving the sale or transfer of land be in writing, and that the contract is signed by all parties.

Answer 1

Frauds

Question 2

______ contracts have no legal effect are unenforceable by either party.

Answer 2

Voided

Question 3

A contract can be void if it lacks any of the basic elements of a ______ contract.

Answer 3

Valid

Question 4

A contract is ______ if one of the parties has the option to terminate the contract.

Answer 4

Voidable

Question 5

There are valid, voidable, and ______ contracts

Answer 5

Void

Question 6

A contract can be _____ if circumstances imply that parties have reached an agreement.

Answer 6

Implied in fact

Question 7

A _____ contract is an agreement in which each of the parties to the contract makes a promise, or promises, to the other party.

Answer 7

Bilateral

Question 8

In a _______ contract, only one party to the contract makes a promise.

Answer 8

Unilateral

Question 9

_____ is an agreement not to perform.

Answer 9

Forbearance

Question 10

_____ means a party transfers duties and/or obligations, but not responsibility.

Answer 10

Assignment

Question 11

______ transfers all rights and obligations from the original owner to the new owner.

Answer 11

Novation

Question 12

A/an _____ is an addition to the original agreement.

Answer 12

Addendum

Question 13

A/an _____ is a change to the agreement after it was originally accepted.

Answer 13

Amendment

Question 14

Mutual ______ is when both parties agree to cancel the contract.

Answer 14

Rescission

Question 15

______ of contract is when one or more of the parties to the contract fail to perform, or interferes with the other party’s performance.

Answer 15

Breach

Question 16

______ is a legal proceeding that requires a party to perform a specific act.

Answer 16

Specific performance

Question 17

In a _______ lease, the term is a specified period of time.

Answer 17

Tenancy for years

Question 18

A ______ lease is a loose agreement, and can be terminated at will.

Answer 18

Tenancy at will

Question 19

A _____ is a contract in which a property title is transferred only after the buyer makes a certain number of periodic payments.

Answer 19

Contract for deed

Question 20

As a real estate salesperson, with whom do you place your real estate license?

Answer 20

Your broker

Question 21

What is the natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side?

Answer 21

Accretion

Question 22

What is an addition to the agreement and is a part of it.

Answer 22

Addendum

Question 23

What is a change to the agreement after it was originally accepted?

Answer 23

Amendment

Question 24

What is a written instrument given to pass title of personal property from a seller to a buyer?

Answer 24

Bill of sale

Question 25

What is the mixing of personal funds with trust funds?

Answer 25

Commingling