CHAPTER 11-1

Question 1

A CONTRACT THAT HAS TET TO BE FULFILLED, SUCH AS A PURCHASE AGREEMENT THAT HAS NOT CLOSED

Answer 1

EXECUTORY CONTRACT

Question 2

AN AGREEMENT BETWEEN THE PARTIES RESULTING FROM THEIR ACTIONS RATHER THAN THEIR WORDS

Answer 2

IMPLIED CONTRACT

Question 3

A TYPE OF DEED THAT OFFERS THE MOST PROTECTION TO THE BUYER

Answer 3

LIQUIDATED DAMAGES

Question 4

WHEN ONE PARTY HAS THE CHOICE TO BUY OR LEASE, THE OTHER PARTY MUST PERFORM

Answer 4

OPTION

Question 5

A CONTRACT THAT HAS NO LEGAL FORCE OR EFFECT, AN ILLEGAL CONTRACT OR ONE THAT LACKS AN ESSENTIAL ELEMENT OF A CONTRACT

Answer 5

VOID CONTRACT

Question 6

A CONTRACT THAT SEEMS TO BE VALID ON THE SURFACE BUT MAY BE REJECTED OR DISAFFIRMED BY ONE OR BOTH PARTIES.

Answer 6

VOIDABLE CONTRACT

Question 7

WHERE ONE PARTY CANNOT SUE THE OTHER PARTY TO PERFORM, SUCH AS AN ORAL CONTRACT TO PURCHASE REAL ESTATE

Answer 7

UNENFORCEABLE CONTRACT