Real Estate Contract Law

Question 1

A legal contract represents a….

Answer 1

“Meeting of the Minds”

Question 2

According to contract law every valid contract is also

Answer 2

Enforceable or unenforceable

Question 3

The statute of limitations requires parties to contact who have been damaged or who question the contracts provisions must…..

Answer 3

act within the statutory period.

Question 4

The purpose of the statute of frauds

Answer 4

Requires certain conveyance related contracts to be in writing

Question 5

Competent parties must be (three things)

Answer 5

Of Legal Age
Mentally competent
Of legitimate authority

Question 6

Type of Voidable Contracts

MCDIFF

Answer 6

Minor not of legal age
Conditions or contingency not met or waived
Duress, Signed under pressure (must be proved in court)
Incompetence (must be proved in court)
Fraudulent misrepresentation

Question 7

Six Essentials to Make a Valid Contract

CCLOMP

Answer 7

Consideration (some kind of promise) 
Competent Parties 
Legal Purpose 
Offer/Delivery/Acceptance
Mutual Agreement 
Proper Legal Form

Question 8

Unilateral Contract

Answer 8

One sided, promise for an act

Question 9

Bilateral Contract

Answer 9

Two sided, promise for a promise