Oregon PM Class Flashcards
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Which best describes the contract element of consideration?
Consideration is something of value given by one party in exchange for something of value from another party.
True or false: The Statute of Frauds requires that all real estate matters be in writing, except for a lease of one year or less.
True
An express contract is:
Expressed by words, either oral or written
An implied contract is:
One deduced from the actions of the parties
All written contracts are ___________ contracts
Express
Name one type of conduct or behavior that can make an otherwise valid contract voidable
Fraud in the execution Misrepresentation Actionable statements of opinion Concealment Duress Undue influence Mutual mistake
True or False: When a contract is entered into because a party relied on a misrepresentation, the contract is voidable at the option of the party to whom the misrepresentation was made
True
An offer can be terminated by
- rejection by the offeree.
- a counter offer.
- revocation by the offeror
1, 2, and 3
A contract created to pursue an illegal objective is
Void
“An agreement between competent parties upon legal consideration creating legally enforceable duties and obligations” is a definition of
A contract
When the parties to a contract have fully performed the terms, the contract is properly described as
Executed
Coercion and duress were applied upon Albert in a contract with Roger. The contract is:
Voidable at the option of Albert
A contract that results from neither a written nor oral agreement, but from the actions of the parties involved, is referred to as an
Implied contract
Which of the following is not essential to a valid contract? A lawful object Competent parties Monetary consideration Offer and acceptance
Monetary consideration
A contract that has no force or effect in law from its inception is
- void.
- voidable.
- unenforceable.
1 and 3 only
Which of the following is not a necessary element in the formation of a contract? Acceptance Performance Consideration Offer
Performance
The key factor to a lease for a definite period is that the period is
Definite and fixed
Which of the following would NOT be grounds for a landlord to terminate a commercial lease and evict the tenant?
Violation of building rules.
Unlawful use of the property.
Sale of the property.
Noncompliance with health code.
Sale of the property
A court-enforced order removing a lessee is also known as
actual eviction.
surrender.
constructive eviction.
specific performance.
actual eviction
True or False: An Option to Renew prolongs an existing and the Option to Extend creates a new lease
False
The assignment of a lease with an option to purchase
will transfer the option to the assignee.
is voidable by the landowner.
is prohibited by the Statute of Frauds.
will cause the option to become unenforceable.
will transfer the option to the assignee
A lease for less than one year
can be oral.
must be in writing.
can be oral, but must be reduced to writing within 30 days.
is unenforceable under the statute of frauds.
can be oral
Which is NOT a necessary element of a lease?
The amount of rent.
The parties to the lease.
An option to purchase.
The length or term of the lease.
An option to purchase
The terms of a written lease can be changed by
oral agreement between the parties.
verbal agreement between the parties in a presence of a witness.
an addendum or other written agreement signed by all parties to the lease.
implication.
an addendum or other written agreement signed by all parties to the lease.
