Ch 7 CA RE Legal Aspects - Contract Laws Flashcards
1
Q
A contract which has no force or effect is considered…? AEnforceable BVoid CVoidable DExecutory
A
Void
2
Q
False statements made negligently or innocently is referred to as…? AMisrepresentation BConsideration CFraud DConversion
A
Misrepresentation
3
Q
Anything given or promised by a party to induce another to enter into a contract is known as…? AConversion BCurrency CCommingling DConsideration
A
Consideration
4
Q
The intentional and successful employment of any cunning, deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury, is known as…? AMisrepresentation BConsideration CFraud DConversion
A
Fraud
5
Q
A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time is referred to as…? AAd valorem BTime contingency CTime is of the essence DStatute of limitations
A
Time is of the essence
6
Q
A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time is referred to as…? AAd valorem BTime contingency CTime is of the essence DStatute of limitations
A
Time is of the essence
7
Q
The substitution or exchange or a new obligation or contract for an old one by the mutual agreement of the parties is known as…? ARescission BAssignment CNovation DInjunction
A
Novation
8
Q
An action to compel performance of an agreement is known as…? AConsideration BNovation CInjunction DSpecific performance
A
Specific performance
9
Q
A contract in which one or both parties have not yet completed performance of their obligations is known as a/an…? AImplied contract BExecutory contract CExpress contract DExecuted contract
A
Executory contract
10
Q
Which of the following is an example of a unilateral contract…? AExclusive agency agreement BExclusive right to sell agreement COpen listing DNet listing
A
Open listing
