Chapter 11

Question 1

Essential elements necessary to create a valid contract

Answer 1

Offers and acceptance

Consideration

Question 2

What is it called when it is required a contract for the transfer of a right or interest in land to be in writing in order to be enforceable

Answer 2

Statue of Frauds

Question 3

What are the statue of limitations for A parol contract

Answer 3

4 years

Question 4

What are the statue of limitations for a written contract

Answer 4

5 years

Question 5

What is an implied contract

Answer 5

Terms and conditions assumed by The nature in agreement of the words and actions of the parties

Question 6

What type of contract is unenforceable in a court of law

Answer 6

Void contract

Question 7

What are some ways an offer is terminated

Answer 7

Acceptance

Withdrawal

Counter offer or rejection

Question 8

When the party who is not in default ask the court to require the other party to perform as agreed in the contract

Answer 8

Suit for specific performance

Question 9

When an injured party sues for damages to be financially compensated

Answer 9

Suit for damages

Question 10

Where do funds for liquidated damages come from

Answer 10

Brokers escrow account

Question 11

What is an as is contract

Answer 11

Seller is not required to repair anything discovered during inspection process but does not relieve the seller of the responsibility of disclosing

Question 12

What is the best listing contract for a broker

Answer 12

Exclusive rights of sale listing

Question 13

Is a buyer obligated to buy a property in an option contract

Answer 13

No but seller is required to sell

Question 14

Contract for deed

Answer 14

Property owner agrees to deliver a deed to the purchaser after certain conditions have been met