Lesson 7 Flashcards
To be enforceable in court, a sales contract must have:
competent parties
Which is TRUE about valid contracts?
The consideration can be the mutual promises to perform.
While suffering from a mental illness that caused delusions, hallucinations, and loss of memory, a person signed a contract to purchase real estate. Which statement regarding the contract to purchase is TRUE:
The contract is voidable
The law that bars legal claims after certain periods of time is known as the:
statute of limitations
Which of the following is the MOST essential element for an enforceable real estate purchase contract?
Being in writing
Under the statute of frauds, all contracts for the sale of real estate must be:
in writing to be enforceable
Certain elements must be present in a real estates sales contract involving a single-family residence if the contract is to be valid. Although the following elements are recommended, which on is NOT as absolute necessity?
Type of deed
A minor’s contract is:
Enforceable until court determines it is void
An oral contract to lease real estate for a four year period is:
Unenforceable
A person approaches an owner and says, “I’d like to buy your house.” The owner says, “Sure,” and they agree on a price. What kind of contract is this?
Unenforceable
Which of the following constitutes a rejection of an offer?
Counteroffer
An illiterate person is considered
one who cannot read or write
An optionee can do which one of the following?
Legally enforce the excercise of the option if the optionor decides against performing.
Which is not necessary for the sale of personal property?
Written Contract.
The doctrine of laches:
Prevents unfair relief that is detrimental to a party being sued.